With February being American Heart Month and the celebration of Valentine’s Day, it is the perfect time to think about one’s health and the ones that they love. What better way to do that then to draft or update one’s estate plan? Whether one is young and unmarried or retired and married for decades, it is imperative to have one’s affairs in order. Individuals in Texas and elsewhere should take the time to protect their assets and ensure that their wishes will be followed at the time of his or her death.
The importance of a will
Too many Americans associate drafting a will with being old. Based on current statistics, less than 46% of U.S. adults currently have a will, with most of these individuals being 65 years of age or older. Unfortunately, death is not just for the elderly that have lived a full life. With so much unknown about one’s future, creating a will could provide some security and knowledge about the future. Without a will at the time of one’s death, one is leaving important decisions about the disposition of assets and the guardianship of minor children up to the court to decide. Therefore, it is important that a will is drafted no matter the age of an individual.
A love letter to your heirs
Creating an estate plan is like writing a love letter to your loved ones. It is essentially a road map for heirs, as it can detail one’s wishes and desires when it comes to asset distribution and other important decisions. It also ensures that decedents are not left guessing what a descendant would want with regards to legal and health decisions if he or she becomes incapacitated. Additionally, it can clearly indicate who gets what, which could help avoid disputes among heirs.
While drafting a will or creating an estate plan is not a romantic activity, it is a gesture that may put loved ones at ease. The unexpected is always possible and preparing for the unexpected could help protect one’s estate and their heirs. Therefore, taking the time to understand how to memorialize one’s wishes in an estate plan or update a current plan is a beneficial task to complete.