Dallas, TX Estate Planning Attorney
When Do I Really Need to Start Estate Planning in Dallas, TX?
No matter who you are and what age you are, estate planning should be on your radar. Many people who don’t consider themselves wealthy will at some point decide that they do not need an estate planning attorney or any kind of estate plan. This is incredibly unfortunate for the families of these Individuals. People young or old, rich or poor, need to have an estate plan either for when they eventually pass away or for when they find themselves incapacitated.
Estate Planning for 18-30 Year Olds
After you turn 18 and become an official adult in Dallas, Texas, you can no longer rely on your parents to make your healthcare decisions or your financial decisions. It is very important, as soon as you enter adulthood, that you seek out an estate planning attorney and follow his or her professional suggestions to begin the process of estate planning. It is now your own responsibility to make sure that your life and death decisions will be legally protected.
There are certain estate planning documents that are important to create as soon as you are old enough to begin outlining your estate plan. The first of these documents is called a healthcare directive. Your healthcare directive will make it clear to family members and care providers which healthcare choices you would make, if you were able, if you become incapacitated. The other important document for this age is a power of attorney. There are actually two powers of attorney you should be sure to add to your estate planning in this phase: a healthcare power of attorney and a financial power of attorney. These documents will name a person of your choice who will be allowed to make decisions on your behalf.
Estate Planning For 30-40 Year Olds
It is in our thirties when most of us purchase our first house and start our own family. Now that you have these assets and responsibilities, you must preserve them for your loved ones. It is time to meet with a Dallas, TX estate planning attorney to create the next set of minimal estate planning documents. This will include your will and your trust, should you choose to create one. Your will is a simple document that specifies which friends, family members, or organizations will inherit your money and assets. It will also reveal who you have chosen to take responsibility for settling your estate, and who has been chosen to take over the care of any minor children.
A trust is a legal device that can be used to transfer the ownership of your money and assets to a specified trustee. This trustee will be allowed to manage these assets for your named beneficiaries. Consultation with your estate planning lawyer in Dallas, TX is a must when creating a trust.
Estate Planning for 40-50 Year Olds
By the time you’ve turned 40, it should become clear how important it is to make sure that you make time for any estate planning you haven’t completed yet. Consider speaking to your parents regarding their estate planning efforts. You want to fully understand their wishes before they’re gone and ensure that they have their documents prepared. If your parents have fallen behind on estate planning in Dallas, Texas, promptly send them to your estate planning attorney.
Estate Planning Between Age 50 and Retirement
After the age of 50, it is important to keep your estate plan updated. Be sure to contact your Dallas, Texas estate planning attorney with every life change.
Why Do I Need to Hire an Estate Planning Attorney?
There are many options when it comes to estate planning and choosing the right ones for your situation can be daunting. An experienced estate planning attorney in Dallas, TX has the legal training necessary to guide you with a thorough understanding of each step along the way. Consult a Dallas, TX estate planning lawyer before you make any major decisions impacting your estate plan. It is imperative that you remain compliant with the law.
Preparing an estate plan before you need one will save your loved ones both money and emotional distress. However, in the process of creating your estate plan, don’t forget about making sure that it is created and maintained correctly and legally, which can be a rather difficult task. An educated and experienced estate planning attorney in Dallas, Texas can go through all of your options and help you decide how to meet your goals, whether drafting a completely new will, trust, or full estate plan, or updating your wishes. It is always the best idea to skip attempting to do it yourself and contact a veteran estate planning attorney to get you started on your estate planning right away.