Estate Planning for Low-Income Earners

 Posted on September 25, 2023 in Estate Planning and Probate

Estate planning is all too frequently associated with people who have significant assets or are high-income earners. However, regardless of wealth level, having a will is truly essential for everyone. Recently, we wrote a blog detailing the considerations for upper-middle-class individuals looking to create a will. We will now discuss considerations for low-income people and why they, too, should make a will. For help getting started in estate planning, contact an experienced lawyer to get started.

Asset Distribution

Regardless of the amount or type of assets you possess, a will enables you to dictate how those assets will be distributed once you die. If you die without a will, your assets will be distributed according to the Texas laws of intestacy, which may not correspond with your wishes or benefit your loved ones. By having a will, you can designate specific beneficiaries and ensure that your assets are allocated as you desire, regardless of their value.

Avoiding Probate Complications 

Having a will can help simplify the probate process, even for low-income earners. Probate is the legal process of confirming a will and distributing its assets according to its terms. Without a will, the probate court will determine how your assets are distributed based on state laws, which can be time-consuming, not to mention costly. By having a will, you can streamline the probate process, potentially reducing costs and ensuring a smoother transfer of your assets to beneficiaries.  

Healthcare Considerations

In addition to asset distribution, a will can also address important healthcare and end-of-life decisions. By including a healthcare directive or durable power of attorney healthcare in your will, you can appoint someone to make medical decisions on your behalf if you become incapacitated. This ensures that your wishes regarding medical treatment, such as end-of-life care, are respected, regardless of your income level.

Contact a San Antonio Estate Planning Lawyer

While it is possible to create a will on your own, it is not advised, especially if you have specific concerns or a complex family dynamic. Your attorney will provide guidance, ensure the will is valid, and help you navigate any challenges or questions that may arise during the process of making the will. Consult with an attorney to ensure your will meets your needs and provides you with a sense of peace of mind. Contact the experienced Wilson County estate planning attorney with Geoff Mayfield, Attorney at Law for estate planning guidance. Call 210-535-0870 for a free consultation.