Not everyone thinks about estate planning when they are young and healthy, but they should. Nobody likes to talk about drying when they are in the prime of their life. However, unfortunate incidents happen when people least expect it. You may think you have a lot of time left, but you never know what the future holds.
No one should be putting off their estate planning. However, if you are already ill or have become old, you must plan your estate. To help with the probate process after you are gone, a probate lawyer in San Antonio can help.
Creating an estate plan when you are old or sick
- A Will.
You might already know what a Will is. It is a document that states who gets what. It lists your assets and the people or beneficiaries who will receive them after you are gone. If you are married, a share of your assets will go to your spouse unless they were disinherited or if there is a prenuptial agreement.
- Address minor children.
If you have children under the age of 18, then it is crucial to name a guardian for them. When you are gone, you want to ensure your children are with someone you can trust. If something were to happen with you, the court would place your children with the guardian named in your Will. If nobody is named, then the decision is taken by the court. Your children may even end up in foster care.
- Address your assets.
Ensure you address all your assets when you plan your estate and do not leave out anything. If you want to keep it simple, you can simply write, “Each of my children should get equal shares of my estate,” The court will do as you stated.
- Address possible incapacitation.
Life is unpredictable. Nobody ever thinks they will become incapacitated one day, but unfortunately, many do. It happens when you least expect it. Therefore, it is better to stay prepared and assign a durable power of attorney. If you do not appoint someone, courts in San Antonio choose one of their choices, and they may not be the best person for the job.
- Consider a living trust.
Living trusts are a good option because they avoid the lengthy and expensive probate process. Beneficiaries receive the assets sooner, and your family does not have to spend a lot of money on attorney fees.
Even if you are not “that old” or suffering from a disease, it is important to start planning your family’s financial future. Contact an attorney today.