Planning for the future is a necessity for all adults, regardless of age, income level or the size of one’s estate. It can be costly and complex for loved ones when a family member passes away without a will or other estate planning documents. To avoid this potential complication, it is important for every Texas adult to have a basic estate plan, even those with small estates. Average or even below-average earners need this protection and security.
Important assets to consider
One reason why someone may not create an estate plan is that he or she assumes that the estate is not large enough to necessitate this effort. However, most people have more assets than they assume, such as:
- Long-term savings accounts, such as retirement funds
- Physical property, including cars, homes and more
- Valuable collectibles, such as coins, antiques or comic books
- Any and all personal belongings
An estate plan allows someone to have the final say over what happens to his or her personal property after passing. It can also reduce stress on heirs and beneficiaries. Even without a large estate, having a plan can be a way to care for those left behind.
Where should one start?
It is not always easy to know where to start with the estate planning process. If a Texas adult does not currently have a plan, he or she may benefit from speaking with an experienced attorney regarding legal options. With a plan in place, it will be possible to face the future with confidence, regardless of the size of one’s estate.