You may be asking yourself, do I need an estate plan if I am not wealthy? The answer is yes. No matter your net worth, you should have an estate plan in place. There are many reasons why having an estate plan is important, even if you are not wealthy. Our Texas estate planning attorneys discuss the importance of having an estate plan and why you do not have to be rich to have one.
Handling The Unexpected
Life is full of surprises, some good and some bad. No one knows what tomorrow will bring, which is why it’s essential to be prepared for anything. An estate plan can help you be ready for the unexpected. For example, if you are in an accident and become incapacitated, your estate plan can designate someone to make financial and medical decisions on your behalf.
Protects your heirs and beneficiaries
An estate plan can also help protect your heirs and beneficiaries. Without an estate plan, the state will decide how your assets will be distributed upon death. This may not be in line with your wishes. With an estate plan, your loved ones will receive the assets you want them to have without interference from the courts.
Avoiding Or Minimizing Probate
Probate is the legal process of distributing your assets after you die. If you pass away without an estate plan, your assets will go through an INTESTATE probate and be distributed according to state law. Intestate probate can cost up to double a traditional probate and can take years to finalize. An estate plan can help avoid or minimize probate by specifying how you want your assets to be distributed.
Let Crain & Wooley Help You With Your Estate Planning
Estate planning is not just for the wealthy. Everyone can benefit from having an estate plan, regardless of their net worth. If you have any assets, do not wait until it’s too late. Contact our office today to get started on your estate plan. We have the experience and knowledge to help you craft a plan that meets your specific needs and goals.
Call us at (972) 560-6288 to schedule a consultation today!