Estate planning is essential to financial health, and it too often gets overlooked until it feels immediately necessary. Whether you are in the prime of your career, have just purchased your first home, or are celebrating the birth of a child, the right time to consider your estate planning options is probably sooner than you think. At Quadros, Migl & Kilmer, our lawyers can help you put a plan in place that meets your needs and work with you as your circumstances change through the milestones in your life, such as marriage, home ownership, having a first child, or divorce.
Establishing a will or comprehensive estate plan provides numerous advantages, with the most significant being the peace of mind it brings regarding your family’s financial security if you become unable to support them. Tailored to your unique circumstances, tools such as a last will and testament, trusts, and other estate planning documents can help you maintain control over the distribution of your assets, helping ensure your family is cared for even after you are gone.
When Should You Begin Your Estate Planning?
Many financial and legal professionals suggest initiating an estate plan as soon as you turn 18 and revisiting it every three to five years afterward. At that age, you become legally responsible for your own finances, healthcare decisions, and powers of attorney. It is easy for estate planning to fall low on the priority list for young adults, but keeping these details updated from an early age can prevent complications later.
Certain life events should prompt a reassessment of your estate plan regardless of your age. Consider the following situations as cues to begin or revise your planning:
- Starting a Savings Account: When you open a savings account, it is wise to decide who will inherit these funds if you pass away, helping ensure your savings reach your chosen beneficiary or cause.
- Acquiring Property: Buying a home or other property is a significant indicator that it is time to start planning your estate to help avoid complicated legal processes like probate.
- Marriage and Remarriage: As you merge assets with another person, it is essential to plan for the future, including the possibility of one or both partners passing away.
- Traveling: It is advisable to update your estate plan before taking significant trips, especially if you travel frequently or internationally.
- Birth of Children: The arrival of a child is a major trigger for estate planning, since you will need to consider guardianship and financial provisions should something happen to you.
- Receiving an Inheritance: An unexpected inheritance means more assets under your management, so it is wise to update your estate plan to reflect any new financial gains.
- Divorce: Following a divorce, it is important to revise any estate plans made during your marriage to reflect your current wishes.
- Addition of Grandchildren or Other Family Members: New additions to the family mean it may be time to review and update your will or trusts to ensure new family members are considered in your plans.
- Starting or Growing a Business: Business owners face an added layer of planning, since an estate plan may need to address who takes over ownership and management of the company if something happens to you.
At Quadros, Migl & Kilmer, we can assist you in crafting a plan that suits your unique needs, whether that means safeguarding your assets or ensuring the future care of family members with special needs after your passing.
Common Myths That Delay Estate Planning
Two misconceptions cause more people to delay estate planning than almost anything else. The first is the belief that estate planning is only for the wealthy or elderly. In practice, estate planning is about more than distributing wealth. It is about protecting yourself and the people who depend on you, and ensuring your family will not have to navigate complicated legal issues during an already difficult time.
The second misconception is that there is always time to plan later. Illness and accidents do not wait for a convenient moment, and an adult of any age can become incapacitated or pass away unexpectedly. A plan that exists before it is needed protects your family; a plan you intended to create but never finished does not.
What Happens if You Do Not Have an Estate Plan?
Without an estate plan, state law determines who inherits your assets through a process known as intestate succession, according to the Legal Information Institute at Cornell Law School. In Texas, that can mean a surviving spouse does not automatically inherit an entire estate if there is no will in place, particularly when children or other close relatives are also involved. The specific outcome depends on which relatives survive you and how your property is characterized under Texas law.
Beyond who receives what, dying without a will generally means your family faces a longer, more public probate process, with a court deciding who administers your estate and, if you have minor children, who becomes their guardian. Having a will and supporting documents in place lets you make those decisions yourself, rather than leaving them to a court working from default state rules.
What Documents Belong in a Basic Estate Plan?
A foundational estate plan generally includes a last will and testament, a durable power of attorney for financial decisions, and a medical power of attorney or healthcare directive naming someone to make medical decisions on your behalf if you cannot. Depending on your circumstances, it may also include a revocable living trust to help your assets pass to beneficiaries outside of probate, along with updated beneficiary designations on retirement accounts and life insurance policies. Our will lawyer team can help you determine which documents fit your specific situation.
These documents work together rather than in isolation. A will that has not been updated to reflect a recent divorce, for example, can conflict with more recently updated beneficiary designations, creating confusion for your family at the exact moment they can least afford it.
Speak With the Estate Planning Lawyers of Quadros, Migl & Kilmer
Do not wait until it feels too late to start thinking about estate planning. Whether you are just entering adulthood, experiencing significant life changes, growing a business, or simply looking to ensure your family is taken care of, now is a reasonable time to act. A qualified estate planning lawyer at Quadros, Migl & Kilmer can provide guidance on wills, trusts, estate tax planning, and guardianship appointments to help ensure your wishes are honored and your family is protected.
Secure your peace of mind today by filling out our contact form to schedule a consultation with our team.
Frequently Asked Questions About Estate Planning Timing
What happens if I die without an estate plan in Texas?
Your assets are distributed according to Texas intestate succession law rather than your own wishes. Depending on which relatives survive you, a spouse may not automatically inherit the full estate, and a court will typically decide who administers the estate and who becomes guardian of any minor children.
How often should I update my estate plan?
Most professionals recommend reviewing an estate plan every three to five years, along with revisiting it after any major life event, such as marriage, divorce, the birth of a child, a significant change in assets, or starting a business.
Do I need an estate plan if I do not have significant assets?
Yes. Estate planning covers more than dividing wealth. Documents such as a healthcare directive and power of attorney help ensure someone you trust can make decisions on your behalf if you become incapacitated, regardless of how many assets you own.
What is the difference between a will and a trust?
A will directs how your assets are distributed after death and generally goes through probate. A trust can hold and distribute assets both during your lifetime and after death, and assets titled in a properly funded trust typically avoid the probate process entirely.
What documents should a basic estate plan include?
A foundational estate plan generally includes a last will and testament, a durable power of attorney for financial matters, and a medical power of attorney or healthcare directive. Many plans also include a revocable living trust and updated beneficiary designations.