Where to Begin with Your Estate Plan

If you’re in your twenties, thirties or even forties, estate planning may be the last thing on your mind. But the truth is that neglecting your estate planning could create huge problems for your loved one should something happen to you – even if you don’t have a large estate. In addition to planning for the worst, the estate planning process gives you an opportunity to clarify your thinking about significant issues, and it gives you an opportunity to discuss these important topics with your family.

An estate plan provides a framework for discussing expectations. Whether your estate is large or small, your family should know what to expect. You want them to know what to do, too. Heirs need to know where your paperwork is kept and who your lawyer is.

They also need to know what to do if there’s an accident. It’s important to have medical directives at any age. If you have strong opinions about what kind of measures should be taken to keep you alive in extreme circumstances—and most of us do—you need to make your wishes known formally in the form of medical directives.

A durable power of attorney assigning someone to take care of your finances if you’re incapacitated is another basic document that everyone should consider creating. Medical directives and durable power of attorney are extremely useful in the event of an accident. They should be reviewed regularly to ensure that they still reflect your wishes.

Provisions for your children are always an important part of any estate plan. The provisions will change, of course, as your children get older or as you have more children, but don’t wait to begin.

Once you have an estate plan in place, you have a useful document that can serve you well for years. You’ll want to update your estate plan if you divorce or have children (or grandchildren), and you may want to update it every three or four years even if there haven’t been any dramatic changes in your life.
Planning for your estate may not be the most pleasant or exciting process, but it’s extremely important. Should the unthinkable happen, your loved ones will be eternally grateful for your foresight and action. Please contact us today to learn more!

Written by Amsberry Law Firm

Amsberry Law Firm

Mr. Amsberry is board-certified in family and labor and employment law by the Texas Board of Legal Specialization. He is also active in family law, estate and elder law, and business law. He is a proven litigator who has argued before the United States 5th Circuit Court of Appeals and earned favorable outcomes in complex, precedent-setting employment and civil rights cases. He served as a reservist assistant judge advocate general in the U.S. Army and is a sought-after lecturer and speaker on a range of legal issues.