Most Texans are keenly aware of why it is important to have a comprehensive estate plan. A will, trust or other estate planning device is a protective device that can account for myriad challenges that may come up in the future. In addition, it will ensure that a person’s assets are addressed and distributed according to their wishes. Still, some people are prone to formulating various excuses for not taking estate planning as seriously as they should. Knowing what they are is a strategy to avoid them and create these vital documents as soon as possible.
Frequent justifications for not having an estate plan
The amount of assets a person has may impact whether they want to take the necessary steps to having an estate plan. Those who do not have significant assets are frequently under the impression that it is not needed. They might believe that their family will simply know what to do when the time comes. However, this is a mistake. Dying without a will is known as dying “intestate.” There are laws in place as to how assets will be distributed and it could clash with the expectations of the person. There may also be disputes among family members – something no one wants.
People may wonder about the costs of estate planning. It certainly is not free, but the long-term benefits of an estate plan generally far outweigh what is paid out to create one. Some may think that they need not worry about their assets after they have passed on because they will not be present to see it. That is technically true, but it can leave family members with a negative memory of a loved one if they do not take the time and care about what happens to their assets. In addition, estate plans are not limited to wills. There can be a revocable living trust, a health care directive and more that will be used while the person is alive.
Legal assistance with estate planning is critical
No one wants to think about life’s inevitabilities. But it is a sad fact that people are finite and eventually, will no longer be here. Protecting their assets and ensuring their wishes are in place is a fundamental necessity. When thinking about estate planning, it can help to discuss its positive aspects with an experienced legal professional. Calling can provide guidance and information about these and other issues.