Young people must often rely on the slow process of learning through experience. That’s why it’s generally a good idea to start the estate planning process at a young age in Texas. Perhaps the first thing a young person learns is someone does not need to be “old” to take part in such planning.
You don’t need to possess considerable wealth to benefit from estate planning. Any assets, even meager ones, might be addressed during the process. And then there are issues covered that might not have anything to do with financial assets. Health and medical decisions may be addressed through estate planning.
A car accident, infection or some other type of ailment could leave you in a coma or otherwise unable to convey health care decisions. By drawing up a living will, you can indicate medical care preferences in advance. Another similar document would be a health care proxy, which hands over decisions to another person. That proxy could then make decisions about life support, surgeries and more.
Even a fully capable adult in good health might wish to hand over financial decisions under circumstances, such as when traveling abroad. Power of attorney designations make doing so possible. A trustworthy relative may be able to handle those duties.
One of the most well-known estate planning components is a “last will and testament.” The document explains how your assets will get distributed after your passing. The official process of executing a will is known as probate. There are ways to avoid probating certain assets — for example, by naming beneficiaries or setting up joint ownership.
If you have questions about any of these estate planning tools, consider reaching out to an attorney.