For those in their 20s or 30s, hiring an attorney to help you with your estate planning needs may seem like an unnecessary expense. However, there’s no telling when an illness or injury will change your life and, if you don’t have proper plans in place, put your loved ones in a dire situation. The guide below explains some of the other reasons to prepare for the future.

Why You Should Prioritize Estate Planning

1. Eliminate Doubts

If you do become incapacitated—for example, if a car accident were to put you into a coma—your family would have to make many difficult decisions regarding your care. Indecision or differences of opinion could add to the stress of an already painful time.

Use estate planning documents, such as a living will to specify what your wishes are so they cannot be disputed. You can also name a certain person to act as your power of attorney—to make medical or financial decisions on your behalf for a time.

Similarly, a will can be used to designate heirs for certain property or name an executor to oversee your assets’ distribution, also eliminating painful questions or discussions.

2. Make the Probate Process Less Costly

When consulting an estate planning attorney at law, you’ll be able to explore options for distributing assets to your loved ones. This may involve drafting both a will and a living trust, so certain assets won’t go through the probate process. This can reduce the amount of your assets that will be subjected to estate taxes, allowing the beneficiaries to receive a larger portion of their inheritances.

3. Choose a Guardian for Your Kids

If something does happen unexpectedly, you’ll want a plan in place that addresses the care of your children. If you don’t write down your wishes regarding a guardian, the court will appoint someone based on who is your next of kin, rather than who you think is best suited.  

Corey C Davis, CPA, Attorney at Law of Kerrville, TX, will use his accounting expertise, combined with his legal acumen, to help you build a comprehensive estate plan. This attorney knows that every person’s family situation is different and will customize your documents accordingly. To learn more about the ways he can help you prepare for the future, take a look at the website. To set up an initial consultation, call (830) 257-8800.