Beginning an estate plan may seem like a daunting task. As a result, many Texas residents may put off estate planning for years. However, if put off for too long, individuals could find themselves in a predicament that could have benefited from information such a plan could hold. Therefore, parties may wish to start planning sooner rather than later.
Once individuals reach the age of adulthood, it may be prudent to begin creating estate plans. By this point, individuals likely have jobs that could offer some sort of benefits, such as retirement accounts or life insurance, and those benefits may need beneficiaries. Beneficiaries obtain the contents of such funds in the event of the account holder's death. Therefore, young and old individuals alike may wish to ensure that they have beneficiary designations in order.
Additionally, many parties in their 20s have obtained some property and assets. Therefore, they may want to create a will in order to designate who should inherit that property. Even if the assets are few, planning the distribution of those assets could save surviving family time and effort during an already difficult time.
By beginning estate planning early, individuals can get an idea of how to organize their estates later on as they continue to grow. Estate plans can and should be reviewed and updated every few years, and therefore, young Texas residents do not have to feel as if they have locked themselves in to certain decisions forever. Consulting with experienced attorneys could help interested individuals learn more about how estate plans can be useful at any age.
Source: yahoo.com, "Why You Should Start Estate Planning in Your 20s", Maryalene LaPonsie, March 16, 2017