Many Texas residents believe that they have all the time in the world to complete certain tasks. While that may seem true, it is not always a reality. Because unexpected events can happen at any moment, individuals may want to consider estate planning sooner rather than later.
Less than 50% of Americans have estate plans in place, which leaves a substantial number of people in a precarious situation. Without any type of estate planning documents in place, the guardianship of minor children will be up to the court in the event that both parents pass away. Because most parents do not want to put that important detail up to chance, it is wise to create wills to appoint their desired guardians. However, only 36% of parents with kids under 18 have created wills.
Though estate planning can be an in-depth process, creating a will at the very least is a good starting point. Individuals can appoint guardians, designate beneficiaries for property and provide other important instruction in this document. Of course, most estates can benefit from utilizing other planning tools, and fully exploring those options is wise.
Estate planning can benefit all adults, even those without children or those with few assets. The instructions left behind can bring peace of mind to surviving family members and ensure that necessary steps are taken to close the estate. Texas residents who are ready to start their planning journeys may want to work with experienced attorneys who can provide useful and reliable information regarding available planning options and the tools available for expressing end-of-life wishes.