What is Estate Planning - and Why is it Important? 

August 2, 2023

This article is for educational and entertainment purposes only. This is not legal advice and should not be relied on as such. Every case is different. Consult a licensed professional in your state. Viewing this website or its content does not create an attorney-client relationship with Lyda Law Firm or any of its lawyers.

Article written by Maria Ortiz

Sometimes people put off creating an estate plan because they are unsure of what it entails and why it is important. 

In this post, we will define estate planning, identify key documents of an estate plan, and discuss the importance of estate planning. 

What is estate planning? 

Estate planning is the process of creating a comprehensive plan for the management and distribution of your assets and affairs after your incapacitation or death. 

It is a proactive approach that allows you to make important decisions regarding your property, financial assets, healthcare wishes, and the care of your loved ones. 

The key documents in an estate plan include a Will and/or Trust, Medical Power of Attorney designation, Durable Power of Attorney designation, and Advance Directive to Physicians. To learn more about the key estate planning documents, check out this post.

Why is estate planning important? 

There are several benefits to creating an estate plan, including maintaining control over the distribution of your assets, probate avoidance, planning for incapacity, and designating guardians for minor children. 

Let’s discuss these reasons in a little more detail. 

Asset Distribution

Estate planning enables you to determine how your assets will be distributed among your chosen beneficiaries upon your passing. 

Without a plan, your state’s intestacy laws will dictate how your assets are distributed, which may not align with your wishes. 

For this reason, it is important to commit your wishes to writing by creating a valid Will or Trust and executing beneficiary designations as needed. 

Probate Avoidance 

Probate can be a lengthy and costly process that can impose a significant burden on your grieving family members. 

Through proper estate planning, you can implement strategies - such as establishing a revocable living trust - to limit probate proceedings or avoid probate altogether. 

Avoiding probate not only saves time and expenses, but it can also protect your privacy by keeping your wishes out of the court’s public records. 

Further, probate avoidance ensures that your loved ones are able to grieve your passing without the stress that comes with estate administration. 

Incapacity Planning and Healthcare Directives

With estate planning, you are also able to address the possibility of your incapacitation due to illness or injury. 

You can appoint a trusted individual through a power of attorney to make financial and healthcare decisions on your behalf if you become unable to do so. 

With an estate plan, you can also create advance healthcare directives, such as a living will. With a living will, you are able to definitively state whether you would like to be kept on life sustaining treatment in the event you are left in an irreversible medical state.  

Guardianship for Minor Children

If you are a parent with minor children, you want to ensure that your children are left in the best care upon your incapacitation or death. 

Estate planning allows you to designate a guardian who will care for them in the event of you are unable to do so. 

Overall, estate planning in Texas provides you with control, protection, and peace of mind by ensuring that your assets and loved ones are taken care of according to your wishes. 

Consulting with an experienced estate planning attorney can help you navigate the complexities of Texas laws and tailor a plan that meets your specific needs.

Speak with an Estate Planning Attorney in Texas Today

Schedule a consultation with an estate planning lawyer today to discuss the right estate plan for you. Although it may seem daunting, preparing an estate plan does not have to be a difficult process, and Lyda Law Firm can guide you every step of the way.

At Lyda Law Firm, we offer affordable flat rates for individuals and couples in need of an estate plan. If you have questions or need assistance preparing or updating your estate plan, please contact us so we can help you plan for your future today.

Disclaimer: This article is for educational and entertainment purposes only. This is not legal advice and should not be relied on as such. Every case is different. Consult a licensed professional in your state. Viewing this website or its content does not create an attorney-client relationship with the Lyda Law Firm or any of its lawyers.

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