Many people think that estate planning in Texas is for those who are wealthy because they look at it as solely about estate taxes. However, you should know that the need for estate planning applies to you regardless, even if you do not have a lot of money. Do not underestimate the importance of this vital process. It could decide who makes medical care decisions on your behalf as you get older.
Estate planning is for everyone
Sure, estate plans do decide issues of money and who will inherit your property. Even if you do not have much, you may still have a home and some other assets. Thus, there will be a need to determine who receives this property or the proceeds from their sale. Estate plans can also involve things such as advance care directive and powers of attorney. This would relieve the court from the need to appoint someone to make decisions on your behalf. Without the estate plan, your family could end up in discord and in expensive litigation.
Estate planning is not difficult
An estate plan is easier than you think. If you are methodical in your planning and educate yourself ahead of time, it is not a heavy lift to select the right plan and formalize it. The key is to figure out the universe of what you need to accomplish with your estate plan and learn what you can about all of the options. Then, you should periodically reevaluate whether your plan still applies.
One of the best ways to start is to place a phone call to an estate planning attorney. He or she may help you get started by learning about your particular situation and suggesting options for you to consider. Then, he or she might draft the documents for your signature to ensure that your estate plan is done correctly. Retaining an attorney is one way to take some of the fear out of the process.