Why estate planning is necessary regardless of age

by | May 7, 2020 | Estate Planning |

Although death is never an easy subject to discuss, it is an inevitable event that will happen to every person. Having a plan in place only makes sense, yet so many Texas residents put it off until it’s too late. There’s a certain stigma surrounding estate planning, and, to many people, it’s something that is only done during retirement age. However, planning for the future should be done sooner rather than later. According to one recent survey, nearly 80 percent of millennials don’t even have a will.

A will is a legal document that spells out how an individual wants his or her assets distributed upon death. Millennials who are single may think that they don’t need a will because they don’t have a family of their own yet, but this couldn’t be further from the truth. If a person passes without a will, it’s left up to the state to decide how assets are distributed. Dying without a will can be disastrous for loved ones and could result in the loss of valuable assets.

For millennials, two documents that may be even more important than a will are a durable power of attorney and an advance medical directive. A durable power of attorney names the individual who can manage financial matters in the event of incapacitation or if the person is unavailable. An advance medical directive lists any end-of-life wishes regarding life support or comfort measures.

It can be a difficult topic to talk about, but detailing after-death wishes is a necessity for all individuals regardless of age. Those in Texas who have questions about an aspect of estate planning should consider discussions with a legal representative. An experienced and knowledgeable attorney can answer questions and provide guidance for those wishing to secure their futures.