Do You Need an Estate Plan?

 Posted on June 27,2023 in Estate Planning and Administration

It is not often that the American public is exposed to informed discussions about the subject of estate planning. Most often, individuals are prompted to think about their own potential need for an estate plan when the news features a story about a dispute concerning a deceased celebrity’s estate. Due to the ways in which popular culture and the media treat this subject, it can be easy for someone who is neither retired nor fabulously wealthy to assume that they do not yet need to concern themselves with the task of estate planning. However, every legally independent adult can – and should – benefit from the advantages that estate planning affords.

Why Every Adult Should Have an Estate Plan

If you own any valuable or sentimental property, you will want a will or trust in place to ensure that these assets will pass to the beneficiaries of your choosing in the event of your death. However, estate planning is about more than just asset distribution. Parents can use estate plans to name potential guardians for their minor children in the event that they unexpectedly pass away before their children reach adulthood. Those who spend significant time online can use estate planning tools to better ensure that their digital footprint is managed according to their wishes after they are gone. Business owners can utilize estate planning to better ensure that the enterprise that they have worked so hard to build does not suffer in the wake of the unexpected loss of its owner.

However, one of the primary reasons why every adult – regardless of their financial or family status – needs an estate plan is that it can help to protect their interests in the event of incapacitation. If you are ever involved in a car accident, for example, and are so injured that you cannot communicate your preferences concerning medical treatment to your care team, having a power of attorney designation and a living will or other advance healthcare directives in place will ensure that your wishes are honored if you cannot advocate on your own behalf. All adults can directly benefit from estate planning in this way.

Speak with a Knowledgeable Tarrant County Estate Planning Lawyer Today

Although many online platforms offer “do it yourself” estate planning templates, it is important to remember that the stakes of the estate planning process are so high that you cannot afford to entrust the execution and enforceability of your wishes to resources that may or may not align with state law generally and your needs specifically. By scheduling a risk-free, confidential case evaluation with the skilled team of Hood County estate planning attorneys at Cain & Kiel Law, you can take steps to ensure that your estate plan is structured – and ultimately functions – according to your unique goals and circumstances. 

To get started, you can submit a contact form on our website or call our firm directly at 817-645-1717. We look forward to working with you.  

Source:

https://www.forbes.com/sites/top-financial-security-professional/2022/09/06/key-essentials-for-estate-planning/?sh=2ddbe66f1f74