Estate planning involves more than financial affairs and asset protection. A comprehensive estate plan covers various aspects of a person’s life. It can outline preferred medical treatment upon incapacitation, secure children’s futures, and leave behind a legacy.
With the holiday season approaching, consider creating or updating your estate plan. Your loved ones will feel safe knowing you can care for them even after you’re gone.
People with special needs and minor children are at greater risk of suffering if the person who cares for them doesn’t have a comprehensive estate plan. A spouse, adult child, or distant relative also can suffer if you haven’t made adequate preparations.
Your loved ones might depend on you for financial support. Show how much they mean to you by establishing a safety net for unforeseen circumstances. Estate planning ensures you can provide for your family if you pass away or can no longer speak for yourself.
Minors and people with special needs are the most vulnerable groups needing care and assistance in their daily lives. You should ensure their health, safety, and future during estate planning.
Appoint someone as the guardian of your minor children. The person you choose should be able to care for your kids and raise them the way you would. You can set aside money in an account the guardian can use to pay for necessities, such as clothing, education, healthcare, and food.
Establishing a trust for someone with special needs is beneficial during estate planning. You can transfer assets into the trust to provide for the individual’s needs when you pass away. The funds and assets can be for ongoing medical treatment, daily living expenses, and other costs.
Your wealth is essential to your heirs. You want to transfer your estate to surviving family, so they don’t have to worry about their finances after you die. An estate plan is necessary for anyone, even someone with moderate or minimal wealth.
Estate planning allows you to create the necessary documents to pass your real estate, motor vehicles, and other property to your loved ones. Whatever you leave behind can help your heirs establish their own wealth for their future families. You can also make provisions for heirlooms to be passed to those you know will appreciate them.
Most people wish to leave behind a legacy. You worked hard for what you have and want your loved ones to remember you for the life you lived. Although assets, such as bank accounts and trusts, are valuable for financially dependent beneficiaries, your experiences and knowledge are also part of your legacy.
Your estate plan can communicate the lessons you learned, personal values, and memories to your loved ones. You can include photos, letters, recordings, and videos to give your family intangible assets they will never forget.
The Law Offices of Stephanie Hon offers three levels of estate planning to meet every client’s needs. When you hire us, we will review your estate and implement a strategy to protect you and your family. We will help get your legal and financial affairs in order, so you don’t have to worry about the unexpected causing unnecessary stress and suffering to your loved ones. They will be grateful that you did.
Call (512) 888-9378 today for a free fifteen-minute phone call with an experienced estate planning lawyer in Cedar Park, TX. Let us help you secure your future and the future of your loved ones.