Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence.
Studies show that over half of all Americans die without a Will. It’s a big problem. Three of the most common reasons cited by survey respondents for not having a Will are procrastination, a belief that they don’t need a Will, and the cost of having a Will prepared. The Will benefit available with the LegalShield membership addresses and resolves all three of these issues.
Your estate includes all the assets you’ve accumulated during your lifetime. It includes real estate, bank accounts, stocks, bonds, retirement plans, vehicles, household goods, personal effects, and anything else you own or control, such as life insurance or your business.
Estate planning manages your estate during your lifetime. There may be events in your life such as an accident, chronic illness, or a debilitating condition that prevents you from managing your own finances. Anticipating these situations and making calm decisions now – rather than under the stress of one of these events – will help others make informed decisions on your behalf later. If you wait until it’s too late, it may be necessary to have an expensive and time-consuming court proceeding to designate someone to manage your finances.
Estate planning also helps you arrange for a timely and cost-effective distribution of your estate upon your death. If you have a clear plan of what you have, to whom it goes, and in what proportions, this can reduce problems, costs, and taxes, and ease the burden of your death on your loved ones.
Finally, having a good plan will help save you unnecessary costs and time. Having a properly drafted Texas Will can make probate less expensive and lessen the time involved in probating your estate.