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Can you ever start estate planning too early?

On Behalf of | Jun 28, 2023 | Estate Planning |

Estate planning may seem like something you should naturally put off until your golden years. It is easy to push it to the back of your mind, especially when you are young and healthy. But have you ever wondered if it might ever be too early to start estate planning in Texas?

In fact, starting estate planning early can be one of the smartest moves you can make. Understanding the why and how of early estate planning can make this task less overwhelming.

Why start early?

Beginning estate planning at a young age comes with many benefits. First, it provides a clear plan for your assets. Early planning lets you determine who receives your assets, rather than leaving this decision to state law. This can help avoid any potential disputes among heirs after your death.

Another advantage is that it allows you to plan for unexpected life events. If you become incapacitated, your estate plan can specify who will make medical and financial decisions on your behalf.

How do you begin your estate planning journey?

Estate planning in Texas involves a few key steps:

  • Take inventory of your assets. This includes everything you own – your home, vehicles, personal belongings, savings accounts, retirement plans and any investments.
  • Choose your beneficiaries. Consider your values and your loved ones’ needs when making these decisions. Also, think about who you trust to make decisions on your behalf if you are unable to do so.
  • Create necessary documents. It is important to get sound advice and ensure that all documentation complies with Texas law.

Remember, your estate plan is a living document. You should review and possibly revise it every few years or after significant life changes such as marriage, children, divorce or changes in financial status, to ensure it continues to reflect your wishes accurately.

Starting estate planning early in Texas is never a mistake. Arranging care for your loved ones after your passing can bring peace of mind that outweighs any perceived hassle of setting up an estate plan.