There is nothing more off-putting than thinking about your own death. Still, you need to think about it and plan for the future for the sake of those who are dependent on you. By creating a comprehensive estate plan with the help of an experienced Austin estate planning attorney, you can make sure your dependents are provided for in the event of your death.
In this article, we will focus on three critical reasons why you should not delay estate planning.
1. You Could Die Young
As unpleasant as it might sound, there is no guarantee that you would live to a ripe old age. The COVID-19 crisis has shown that anything can happen to anyone, at any time. So, irrespective of your age, it is a good idea to consult with an Austin estate planning attorney and have a plan in place so that your dependents are not left in a lurch in the event of your untimely death.
If you die without a proper estate plan in place, and if your beneficiaries are not able to come to agreement on who gets what, it could lead to a nasty legal battle. So, if you have assets that you want to pass on to your dependents, put it in writing with the help of an Austin estate planning attorney so that your beneficiaries can get their share without going through a legal battle.
2. You Could Become Physically or Mentally Incapacitated
This is yet another scenario that you should plan for – no matter how young and healthy you are. A serious injury, a debilitating disease, or a harmful infection can leave you physically and/or mentally incapacitated, as a result of which you might not be able to make financial or medical decisions for yourself.
This is why it’s fundamental to grant financial and medical powers of attorney to your trusted confidants so that they can carry out your instructions and make decisions on your behalf if you become physically or mentally incapacitated.
3. Probate Is Expensive
In the absence of an estate plan, your estate will have to go through probate – an expensive and time-consuming legal process by which the court will decide how your assets will be divided and who gets to inherit them. The process can take anywhere from six months to a year – or even longer in some cases – and can cost as much as 5% of the total value of your estate.
On the other hand, if you have an estate plan in place, your estate does not have to go through probate and the intended beneficiaries can inherit your assets directly.
Choose The Right Austin Estate Planning Attorney to Create Your Estate Plan
Having a proper estate plan is absolutely necessary – regardless of your age. Attorney Eric M. Willie P.C. has an in-depth understanding of Texas estate planning laws and can help you plan for your future by creating an estate plan that accurately reflects your wishes.
No matter how complicated your financial picture is and no matter how unusual your wishes are, Eric M. Willie P.C. can create a plan which is tailored to your needs and is in compliance with the state’s laws.
To find out more about creating an estate plan, call us today at 512-478-0834 or write to us online for a free and confidential consultation with experienced Austin estate planning attorney Eric M. Willie P.C.