A myth about estate planning suggests that only older people – particularly those worried about their mortality – engage in estate planning. Such a notion is incorrect as many young, healthy Texas residents participate in estate planning. Only some understand why it is helpful to perform estate planning steps early, but there are several reasons to do so.
Early Estate Planning
One truth worth accepting is that anyone could pass away anytime for any reason. Young people could lose their lives in auto accidents, undiagnosed illnesses and other reasons. If the young person passes away without a will, surviving relatives with standing find themselves dealing with intestate laws to address matters regarding the estate and probate. Writing a valid will may prove far preferable in numerous ways.
Early estate planning does not only apply to millennials, as middle-aged persons may benefit from such steps. Also, the planner does not need to be someone of significant financial means to write a will. Even those with modest estates likely want their assets to go to preferred beneficiaries.
An estate planner may name a preferred executor of the estate. The executor serves as a personal representative for the deceased testator and could handle various duties on the testator’s/estate’s behalf.
Additional Estate Planning Steps
Estate planning in Texas could involve more than writing a will. A young person may be unable to handle many financial responsibilities. If so, they could name a responsible adult, such as a parent, as an agent through a power of attorney document.
Healthcare plans are also critical. A living will and a healthcare proxy are two documents that allow someone to address medical decisions upon incapacitation. A living will stipulates decisions in advance, while a healthcare proxy names a representative to perform the duties.