Planning for the future is a difficult process, and it can involve many difficult and emotional decisions that could impact the entire family. As you consider the plans that you need for the future, it may be helpful for you to learn more about the estate planning process. Taking this step is important for every Texas adult, even if you are not wealthy, older or the owner of a large estate. By doing this, you can provide yourself and your loved ones with peace of mind.
By creating an estate plan, you can have control over certain important matters for your future, including your medical care and what happens to your personal property after you pass. Despite the benefits associated with estate planning, many adults fail to have a plan in place. Statistics indicate that only around 33% of adults have an estate plan.
Facts about estate planning that may surprise you
It is critical to share your wishes for the future. If you die without an estate plan in place, state laws could be the deciding factor in what happens to your property. It can take months or years to settle an estate without a will, and there is no guarantee to where your property will end up. You have the right to have the final say, and the following facts may be helpful to you as you consider what plans will be the most beneficial:
- Approximately one-third of all adults have never discussed their future wishes with their loved ones.
- Around 52% of people do not know where their parents’ estate planning documents are located.
- Almost 20% of adults do not know or understand what an advance directive is.
- Sixty percent of people without a will report not taking action to create one, or any other types of estate planning document.
- The COVID-19 pandemic caused many young people to create estate plans, even though they are young and healthy.
The future is unpredictable. While you cannot know what will happen next, you can be certain that your interests are secure and that you have the final say over certain important matters in your life. Through a complete estate plan, you can decide what you want to happen to your property, name a guardian for your children and have the final say over certain medical decisions.
