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 their own estate plans. Unfortunately, when you fail to create an estate plan, you’re leaving yourself vulnerable to one of the following issues.
Medical Care
Let’s say you suffer an injury or illness that leaves you incapacitated and unable to make medical decisions for yourself. Without a will, a healthcare guardian may be assigned to you by a probate court. This means they’d oversee decisions like hiring legal representation to maintain your estate and advocating on your behalf if intra-family disagreements about your care arise.
Your Property
If you decide to forgo a will, a probate court judge will once again decide how your possessions will be distributed. This distribution may possibly result in your spouse receiving a third or half of your property, and your children receiving half, more, or all of it. As you can imagine, this can cause a great divide within your family.
Your Children
Much like we’ve seen with property and medical care, if you don’t prepare an estate plan, a judge will appoint a guardian for your children if you and your spouse pass. While a court will most likely consider your closest living relatives to be named as guardians, they can potentially appoint any other court-approved individual.
Let’s Avoid These Issues Together
There’s no denying that the best way to steer clear of these issues is by preparing your estate plan ahead of time. This is exactly why you can count on Fryer and Hansen. Our McAllen estate planning lawyers have years of experience and will do what they can to help. Contact our firm today for more information.