Anyone with or without assets and of any age may benefit from estate planning. Among many young people in Texas, there is the misconception that only older individuals become involved with estate planning. In truth, anyone could work with an attorney to take part in estate planning. Doing so may prove beneficial to friends, family and loved ones.
Few people like to admit that death may come at any time. Tragic accidents or unexpected illnesses might lead to the passing of an otherwise healthy young person. When the person dies, legal questions exist about his or her estate and assets. A will could settle the matter.
Drawing up a will provides a legal process for distributing assets when someone passes away. Houses, cars, savings accounts and personal belongings represent examples of assets. Working with an attorney to craft a will may lead to selecting a qualified executor of the estate while also creating a legally sound document.
A will isn’t the only document that a client and attorney might work on during estate planning. Steps could involve devising a living will or health care proxy. Such documents address health-related matters when someone becomes incapacitated. A young person who is unable to make decisions due to accidents, injuries and severe medical conditions could leave those decisions in another person’s hands through a health care proxy. With a living will, the young person may establish his or her personal wishes in advance.
Giving someone power of attorney over financial matters may be beneficial, too. Power of attorney designations occur when a person is alive but wishes to leave decisions to someone else. Perhaps a young person would prefer a trusted relative to take over financial obligations in certain situations.
An estate planning attorney may assist a client with the various steps of creating these important documents. Individuals who decide to write or revise a will may range from young persons to those in advanced years.