You owe it to your family to take care of them in any way possible, especially when you are no longer able to do it yourself. You can accomplish this by drafting an estate plan, but it is crucial that you do not attempt to do this on your own, as mistakes can undermine its effectiveness. An experienced Waco estate planning attorney can review your situation and help you execute a comprehensive plan to protect your family now and in the future. 

The Importance of Estate Planning

It is vital that you have an estate plan in place now because you never know when you will need it. You may think that you may not need one now because everything seems fine in your life, but the point is that things can change in a hurry.

Your estate plan is your way of putting all of your wishes down on paper now because there may come a point in time when you cannot speak for yourself or have the capacity to draft one. Drafting a comprehensive estate plan now is your way of taking care of your family and easing their potential burdens in the future, both in terms of how your assets will be passed down and how decisions will be made for you. 

The Consequences of Not Having an Estate Plan in Place

It is not an overstatement to say that your family may face a dire situation if you do not have an estate plan in place when you need it. If you become incapacitated and can no longer make decisions on your own, your family may be forced to seek a guardianship. This process is a difficult one, but you will not need it if you have executed powers of attorney that allow someone else to make medical and financial decisions on your behalf. 

In addition, if you do not have the necessary will in place, there would be no instructions for the disposition of your property. Then, your family will need to go through the probate process, where the court applies Texas’s intestacy laws. The court would appoint a personal representative, taking control away from you. The court will also apply to statute in determining which beneficiaries receive your property, again taking your wishes out of the equation. 

Your Estate Plan Is a Living Document

Drafting and executing an estate plan is not a one-time task. Once you have executed the necessary documents, they will remain in place, and they are legally binding. What you have down on paper will control anything that happens in the future, even if your estate plan does not match your current situation in life.

Accordingly, it is important that you re-examine your estate plan periodically and make any necessary changes. For example, your financial situation may have changed, and you may have more assets to distribute to your beneficiaries. Alternatively, someone who is named in your estate plan may have died, or they are no longer a part of your family. You are always free to change your estate plan once it is already in place, and you can do so with the help of an estate planning attorney. 

How an Estate Planning Attorney Can Help 

An estate plan is not something that you should do on your own, based on what you read on the internet or template documents that you have found. A DIY approach can result in serious omissions or mistakes that can defeat the purpose of your estate plan.

When you hire an estate planning lawyer, they can do the following to help you:

• Review your situation and help you come up with a comprehensive estate plan that is effective in your circumstances
• Draft all necessary documents, including your last will and testament, and all necessary powers of attorney
• Help you plan for issues that your beneficiaries may face in the future, including taxes
• Review your estate plan as necessary, recommending any necessary changes and helping you amend the documents
• Provide you with any other necessary advice that can help your situation

Estate Planning Matters That We Handle

At The Law Offices of Brett H. Pritchard, we can help you with the following estate planning matters:

• Wills
• Guardianship
• Probate
• Powers of attorney

Contact a Waco Estate Planning Lawyer

Protect your family’s future and ensure your wishes are honored with the help of an experienced Waco estate planning lawyer at the Law Offices of Brett H. Pritchard. We guide you through creating wills, powers of attorney, and comprehensive estate plans tailored to your unique needs. Do not leave your legacy to chance. Contact our Waco estate planning attorney today by messaging us online or by calling us at 254-781-4222 for personalized guidance and peace of mind for you and your loved ones.