People seem to believe that they will always have more time to discuss estate planning, resulting in putting off the inevitable. However, if you pass away unexpectedly, the financial future of your loved ones will be up in the air. Estate planning can provide you and your family with peace of mind knowing the future is protected.
So, are the holidays a good time to talk about estate planning? Absolutely! What better time of year than when you and the rest of your family are all together at once? And with the new year a little less than a month away, would it be great to square away unfinished business?
If you choose to discuss estate planning with your family members, you may want to create a list of what details you want to highlight before consulting with an attorney.
The following are helpful tips to get you started:
- Will – You may want to discuss assets and who should inherit what with a trusted lawyer. There may be specific items which hold sentimental value that you want to pass on to certain loved ones.
- Powers of attorney – Do you need to appoint an individual as power of attorney to handle your finances? If you and your spouse share assets and a banking account, then a power of attorney may not be necessary.
- Health care directive – If a catastrophic accident occurs that results in a traumatic brain injury, who will make decisions regarding your health care?
- Beneficiary designations – You can let your family members know who is listed on your insurance policies and other accounts. Beneficiaries listed in policies should not have to experience probate, saving your heirs additional costs related to probate.
If you need legal assistance with estate planning in Texas, contact Dossey & Jones, PLLC to schedule your consultation today.