You have likely been inundated with advice by well-meaning friends, family members, and co-workers about how important it is to create an estate plan. Like the majority of Americans, however, you have yet to take their advice. If you are like many people, the reason you have yet to create your estate plan is as simple as the fact that you don’t see a need for one. You do need one though, even if you are unaware of the need. Take a moment to consider the following “Top three reasons to create your estate plan.”
- There are no guarantees in life. One of the most common reasons given by people who have yet to create an estate plan is that they are “too young to need one.” The underlying belief is that an estate plan is only needed when someone dies and that won’t happen for many, many years. The problem with that line of thinking is that there are no guarantees in life. Moreover, a comprehensive estate plan should do far more than simply provide a road map for the distribution of your assets after death. Incapacity, or even death, could strike anyone, at any time. In fact, you have a one in five chance of experiencing a period of incapacity prior to reaching retirement age.
- You have more to protect than you realize. Another common excuse for not creating an estate plan is some version of “I don’t have anything to protect so why do I need an estate plan?” Odds are good that you have much more to protect than you realize. If you have a minor child, for instance, your estate plan is the only opportunity you have to tell a court who you would appoint as the child’s guardian should one ever be needed. IN addition, though it may not be readily accessible now you may have a retirement account or even an inheritance coming your way in the near future.
- Failing to plan has repercussions. Just as creating a plan offers benefits and advantages, failing to have one in place has negative consequence as well. How would you feel if your neighbor who you barely know ended up overseeing the probate of your estate? Or how would you feel if your family ended up in court battling over the right to make healthcare decisions for you? What if they ended up keeping you on life support despite the fact that you would want to be taken off? Or the worst of all…what if you were cremated when you expressly wanted to be buried? These are just a few of the things that can happen when you fail to create an estate plan.
If you have additional questions or concerns about your Texas estate plan, contact the experienced Texas estate planning attorneys at The Mendel Law Firm, L.P. by calling 281-759-3213 to schedule your appointment today.