Austin, TX Estate Planning Attorney
Is Estate Planning Just For Senior Citizens In Austin, TX?
Estate planning is absolutely not only for senior citizens. In fact, waiting until you are considered a senior citizen to begin creating your estate plan can have devastating consequences, especially if you end up requiring long-term care. Estate planning is not just for the elderly and not just for the wealthy. You need an estate plan whether you are rich, poor, old, or young. You also need an estate planning attorney to walk you through building your estate plan.
Do I Really Need An Estate Plan As A Young Adult?
The law in Austin, Texas states that you become a legal adult as soon as you turn 18 years old; you are now in charge. Your parents can no longer make decisions regarding your healthcare or finances. The next step should be to find an estate planning attorney and begin crafting your estate plan. While it is uncomfortable to think about, if you suffered an untimely death or became incapacitated, you would want your decisions to be protected. There are two particular estate planning documents that are especially important during your young adulthood:
- A healthcare directive is needed to outline the choices that you would like to make known regarding your own healthcare, including end-of-life measures.
- Powers of attorney are needed to allow you to name a specific person to place in charge of making decisions for you, if you become unable to make them. Financial decisions are covered by a financial power of attorney and healthcare decisions are covered by a healthcare power of attorney.
Where Do I Start With Estate Planning In My 30s?
If you are going to purchase a home and have children, you will probably take these steps between the ages of 30 and 40. This decade full of life changes requires the guidance of an Austin, TX estate planning attorney to ensure that you are armed with the following essential estate planning documents to protect your assets:
- Last Will and Testament: Your will is the key document that dictates exactly how your assets will be utilized and distributed. A will also dictates the person who will take on the duties of managing your estate, and the person you’ve chosen to become responsible for your minor children.
- Trust: A trust is an optional way to transfer your assets upon your death. The trust will transfer your assets to a trustee, who will become a manager of them for your beneficiaries. The law in this area can be complex and you will need the advice of an estate planning lawyer in Austin, TX.
Estate Planning Before Age 50
After the age of 40, it should be rather apparent why it is important for any estate planning you haven’t done yet to be handled. It is also time to check in with your own parents about their estate planning. Help them share their wishes with you while they are still available to explain them. Make sure they have completed all the necessary legal documents. If your parents have failed to keep up with their estate planning in Austin, Texas, they will need an estate planning attorney.
Is It Too Late To Start Estate Planning After Age 50?
As you approach your golden years, your estate planning should take a back burner and only needs to be revisited in order to make sure it remains updated. Stay in touch with your Austin, Texas estate planning attorney.
Can I Estate Plan Without An Estate Planning Attorney?
Estate planning is by no means an easy or a simple task. However, it is an incredibly important one. You absolutely need the expertise of an estate planning attorney in Austin, TX to safely guide you through each stage of the estate planning journey. You will not regret consulting with your Austin estate planning lawyer to ensure that your end-of-life wishes are fully compliant with all applicable laws. Putting an effective estate plan in place for when you pass away or become incapacitated and checking over that plan with a qualified attorney can act as your last thoughtful gift to your loved ones.
Remember, it is not just going to a lawyer and creating a will or an estate plan that counts. You also must put in the time with your attorney to ensure that it is all legally sound. This can be quite the legal challenge in some situations. A competent estate planning attorney in Austin, Texas is there to help you with meeting your goals and taking care of your children and your family. If you need to update your current estate planning documents or you need to create them from the drawing board, never avoid contacting an experienced estate planning attorney to help you on your way.