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When Should I Start Estate Planning?

When Should I Start Estate Planning?

Estate planning is critical for protecting your assets in the event of your death. So, when should you start? The answer is now. It doesn’t matter if you’re young or old, wealthy or living simply. We don’t know what the future holds; there’s no better time than now to protect yourself with an estate plan.

Why You Should Start Estate Planning ASAP

Many believe that estate planning should be reserved for the wealthy or those with many assets such as real estate. The truth is that estate planning is important for all of us for many reasons. For example, estate planning:

  1. Helps you provide for your loved ones: If you have children, an estate plan is a great way to protect them in the event of your death. Without a plan, the court will decide who receives what part of your assets. A plan gives you the power to outline who receives what, when and how. It also enables you to choose who will take care of your children on your behalf.
  2. Reduces costs: Estate plans come with tax benefits that can save your family serious cash, giving them one less thing to worry about as they mourn.
  3. Allows you to outline your healthcare decisions: An estate plan can outline your wishes should you become incapacitated at any time. This includes whether you wish to be resuscitated as well as who you want to make medical decisions for you if you are unable to do so on your own.

How to Get Started Estate Planning

Ready to get started? First, we highly encourage you to avoid do-it-yourself wills. These cookie-cutter documents don’t provide the adequate protection you need. Instead, we recommend reaching out to an experienced estate planning attorney.

Once you reach out to an attorney, there are a few things you should prep. Start by gathering your real estate deeds, life insurance policy information or any other documents that pertain to your assets.

Next, take some time to consider how you want to distribute your estate. This includes when you want your estate distributed (after your death or at another time) and to whom. Finally, consider who you wish to set as your executors and healthcare agents.

Ready to Start Estate Planning? Call Our Attorneys Today!

If you’re ready to start estate planning, we’re ready to support you. Our Ft. Worth attorneys have years of experience in drafting wills, trusts and more to help protect family assets. To learn more about estate planning, give us a call at 817-755-1852 or send us a message.