Estate planning is a crucial piece of financial and personal planning that protects your loved ones and makes your wishes known.

Despite the importance of estate planning, a little over half of Americans pass away without an estate plan. Determining now if an estate plan makes sense will save people in your life from having to guess what you want, and instead, know what you want.

There are three important reasons to consider estate planning in 2025:

1. Beneficiary Protection

It’s essential to have an estate plan if you have ANY of the following:

• Real property,
• Bank accounts,
• Personal assets,
• Motor vehicles,
• A spouse,
• Children, or
• Any other person you’d like to benefit from your assets when you pass away.

Without an estate plan, for example, the chances of a transfer of property to an unintended beneficiary increase. Many people believe estate plans are only for people with a considerable net worth, but that is not the case. Whether you own a small house or have a modest amount of money in your bank account, you have just as much of an estate as a wealthy homeowner in the eyes of the law.

Additionally, an estate plan can establish how portions of your assets are distributed if you believe that your beneficiaries may need protection from financial harm. Provisions in your estate plan can protect your beneficiary from taking on too much financial responsibility at once.

2. Avoid Family Conflict

Through thoughtful estate planning, you can avoid any family conflict that could potentially have the power to shatter relationships. Working with your estate planning attorney to create a specific, well-thought-out, detailed estate plan can deter the possibility of family conflict. We consider an estate plan as one of the most important gifts you can give to your loved ones.

Parts of an estate plan that can reduce any confusion or conflict regarding your wishes include:

• Designating who administers your estate,
• Determining who receives specific assets of your property,
• Deciding who will take care of you if you become ill,
• Deciding who will take care of your children, and
• Providing a plan for your business.

3. Protection for Minor Children

Do you know who would take care of your children if something happened to you? A Last Will and Testament, one of the most important documents in an estate plan, allows you to designate a guardian for your minor children upon your death. The guardian chosen is responsible for the care of your children until they reach the age of 18. Without a Will, a judge decides who will serve as guardian. Keep the choice in your hands by having your estate planning attorney create your Last Will and Testament.

Remember, with an estate plan, you can rest assured that your assets will go to the people and organizations you choose upon passing or incapacitation and your family will be protected. The first step starts with hiring an attorney. At Underwood Law, we offer estate planning packages to get you started, whether a more complex estate plan or a simplified one.

 

Do you want to speak with an experienced Estate Planning Attorney in Fort Worth?

We’re here to help. Call 817-662-4445 to schedule an appointment today.