Making an Estate Plan for the First Time

 Posted on August 29, 2024 in Estate Planning and Probate

If you have never thought much about estate planning, you are not alone. Many people put off creating an estate plan because they believe it is something only the wealthy need or that it can wait until later in life. However, an estate plan is important for everyone, regardless of the size of their assets. 

An estate plan is a set of legal documents that give very specific details about how your belongings will be distributed after you pass away and who will make decisions for you if you cannot. For first-time planners, the process might seem overwhelming, but an experienced Texas estate planning attorney can guide you through each step, ensuring that your plan reflects your wishes and provides security for your loved ones. 

What Does a Typical Estate Plan Include?

For people with uncomplicated estates, especially those in the upper middle class, a typical estate plan includes several important documents:

• Will: Specifies how your assets — such as your home, bank accounts, and personal belongings — will be distributed after your death. It also allows you to name a guardian for your minor children.
• Durable Power of Attorney: Appoints someone to make financial decisions on your behalf if you become unable to do so.
• Advance Healthcare Directive (Living Will): Outlines your wishes for medical treatment if you are incapacitated and unable to communicate your decisions.
• Trust: Manages assets and can help avoid probate, ensuring a smoother transfer of your estate to your beneficiaries.

When Should an Estate Plan Be Changed or Updated?

Once you have created an estate plan, it is important to remember that it is not a one-time task. Your estate plan should be reviewed and updated regularly, especially after major life events. For example, if you get married, divorced, or have children, you will want to update your plan to reflect these changes. 

Additionally, if you move to a different state, your estate plan may need adjustments to comply with local laws. Significant changes in your financial situation, such as buying a new home or starting a business, are also reasons to revisit your plan. Even if there have not been any major changes, it is a good idea to review your estate plan every few years to ensure it still aligns with your current wishes and circumstances.

How Can an Attorney Help With Estate Planning?

Some people try to create an estate plan using pre-formatted online resources because they seem simple and affordable. However, these tools often do not account for the unique details of your situation and can leave gaps in your plan or – worse – make your estate plan unenforceable. 

An attorney can make sure your estate plan is thorough and created specifically for your needs. He or she will draft legal documents like your will, trust, and power of attorney, making sure they are correct and legally binding. An attorney will also explain how each part of your plan works and why it is important. For example, an attorney can help you understand how to use your estate plan to minimize taxes or provide for a child with special needs. By working with an attorney, you avoid the risks of a one-size-fits-all approach and have peace of mind knowing your estate plan truly protects your loved ones.

Schedule a Free Consultation with Our Comal County, TX Estate Planning Lawyer

If you are only just beginning to think about estate planning, you may not be sure where to start. Fortunately, you can make the process much easier on yourself by taking a simple first step – contact a San Antonio, TX estate planning attorney. At Geoff Mayfield, Attorney at Law, we help people from all walks of life do the basics of estate planning, and as their lives change, we are here to help make changes to estate plans when necessary. Call 210-535-0870 to schedule a free initial attorney meeting.