A common misconception is that estate planning is only for wealthy people. In reality, there are a multitude of reasons for ordinary people have an effective will. Let’s consider a hypothetical example.
Anna is a secretary who lives in Cedar Park and works in Leander, earning $40,000 per year. She is 29 years old, married, and has two daughters. Here are some reasons Anna should consider planning her estate:
- Anna’s estate may be small now, but could be quite large by the time she actually dies. Most of us begin with small estates that grow larger over time. Over the years, small pay increases, investment income, and sporadic windfalls begin to add up. If your estate is growing, even slowly, now may be the perfect time to prepare an estate plan. Furthermore, it is possible for the size of Anna’s estate to increase after her death if she dies in a manner that gives her estate a winnable survival action against a third party (a drunk driver, for example).
- Anna may want to nominate a guardian to care for her minor children. Estate planning is about more than just money. If you have minor children, who would control their personal and financial affairs in the event of your death? If, like most parents, Anna believes that she knows better than the court system who should care for her children, she needs a will.
- Under certain circumstances, Anna’s spouse’s right to deal with her property may be subject to the claims of children if she dies without a valid will.
Are you looking for an affordable estate planning attorney in Austin, Texas or any of the surrounding areas? Contact us today.