When it comes to estate planning, there are misconceptions galore. They often confuse individuals, invite the spread of misinformation, and ultimately discourage people from completing or even starting a plan. Unfortunately, when you fail to create an estate plan in McAllen, you’re leaving yourself vulnerable.
Let’s say you suffer an injury or are diagnosed with a condition that leaves you incapacitated and unable to make medical decisions for yourself. Without a will, a healthcare guardian will be assigned to you by a probate court. This means they’d make decisions for you like hiring legal representation to maintain your estate and advocating for you if family disagreements about your care arise.
If you decide to forgo a will, a probate judge will decide how your possessions will be distributed. This distribution may see your spouse receiving a third or half of your property or your children receiving half, more, or all of it. As you can imagine, this can cause a great divide within your family.
Much like we’ve seen with property and medical care, if you didn’t prepare an estate plan, a judge will appoint a guardian for your children in the event something happens to you and your spouse. While the court considers closest living relatives, it can potentially appoint another individual.