Most people believe they have plenty of time to plan for the future. However, there’s always the possibility for unexpected circumstances to happen which can lead to an untimely death.
While it can be overwhelming to think about those we’ll be leaving behind, an estate plan can help you feel more prepared. It can outline how your assets will be distributed after you die and can include important instructions for healthcare and financial decisions. Not only is it a practical thing to do, but it’s also a way to protect your loved ones.
1. You’ll Ensure That Your Assets Go to Your Chosen Beneficiaries
Your estate plan will thoroughly outline how you want your assets distributed among family members, loved ones and organizations such as charities. This ensures your assets will go to the people you intended.
Your assets may include bank and investment accounts, properties and possessions you own, your vehicle and more.
2. You’ll Be Prepared for Incapacity
It can be scary to think about being mentally and physically incapable of making your own decisions one day, but an estate plan can help you prepare.
With power of attorney and medical directives, you can name specific people you trust to make financial and medical decisions on your behalf.
3. You’ll Protect Your Loved Ones
An estate plan can help protect your loved ones from unnecessary stress and conflict. Without a will or designated beneficiaries, your assets will be distributed according to state law during the probate process. This can be more costly and emotionally draining when you don’t have an estate plan.
4. You Can Minimize Taxes and the Probate Process
Through proper estate planning with a knowledgeable attorney, you may be able to minimize the estate taxes that are owed upon your death. This can allow more of your assets to be passed onto your loved ones.
Another benefit of estate planning is minimizing the probate process, which is something every estate must go through in Texas. Whether you have a will or not, the probate court will determine how your assets are distributed. If you have a will, they’ll officially validate that will so your wishes are carried out.
With the various tools of an estate plan, you can minimize this complicated and often expensive process for your loved ones. These tools may include a will, trust and designated beneficiaries.
5. Your Minor Children Will Be Assigned Guardianship
This can be upsetting to think about, but if something were to happen to you, you’d want to know your children are taken care of. If you have kids who are dependents and under the age of 18 years old, you can designate a legal guardian for them in your estate plan.
This way, you can ensure someone you trust cares for your children after your death. Without an estate plan, your children could potentially go into foster care with people you don’t know.
Prepare for the Future With Our Arlington Family Law Attorneys
The Schneider Law Firm, P.C. in Arlington has experienced estate planning attorneys who can guide you through the details of your estate plan. We’ll learn about your unique situation and help you determine the right options for your unique situation.