Estate planning is a topic that most people nearing retirement prepare for. However, what many may not know is that young adults can prepare them as well. That’s right, the legal age to write a will in Texas is only 18 years! There are many misconceptions that many young adults have about estate planning. Learn about a few of them below and why our McAllen estate planning lawyers want to help you!
“I Only Need a Will”
There are several documents and roles to include in an estate plan. Because every individual has different types of property and assets to account for, it’s best to seek advice from our estate planning attorneys in McAllen first.
A few options to add to your plan include:
- Wills and trusts where you can designate who gets what of your belongings after you pass.
- Deeds that allow for your land and/or home to be passed onto someone else.
- Powers of attorney and directive roles that allow a loved one to make medical and financial decisions for you if you happen to become incapacitated due to an injury or illness.
“I Don’t Need an Estate Plan if I’m Single”
Regardless of your relationship status, estate planning is a crucial step for everyone. One benefit of drafting one of these plans while young is being able to update the terms of your will to include future spouses and family members as many times as you need as the years go by.
“I Don’t Need One if I Don’t Have a Lot of Money”
Some people have the misconception that, in order to draft an estate plan, you have to be wealthy. This couldn’t be further from the truth. All possessions that have value can be added to a will. You can also consider how to prioritize your finances in your plan as well.
One Last Thing
Consider the following questions as you draft your plan:
- Should I leave money or truststo my family?
- How much money should I allocate for funeral expenses?
- Are any of my belongings at risk of being seized during the probate process?
We can help you answer these questions as well as determine what else you should prepare for.
Meet with Our Estate Planning Lawyers in McAllen Today!
It’s never too early to start your estate planning efforts! Contact our lawyers in McAllen to help you get started today!