Despite the importance of having a Houston estate plan, over 60% of people do not have a will. Those without a will often cite several reasons, including that they do not believe a will is necessary, and the cost of creating a will is too high. These misconceptions stop people from creating a will or estate plan, when it is actually vital for everyone – despite age or health – to have one in place. Below are common misconceptions that many Texans have about estate plans, and why people should contact an estate planning attorney right away.
Misconception: “I’m Young, I Don’t Need an Estate Plan”
Many people – even those with families – do not believe they need an estate plan because of their youth. Unfortunately, tragedies occur every day, and it is impossible to predict the future. If a person owns any property or assets – regardless of their age – they should have an estate plan in place, so their wishes are honored after their passing. Otherwise, the individual will have no say over how their assets are bequeathed. When a person dies without a will in Texas, a judge will decide who inherits the assets. Although the assets are often given to the deceased’s spouse, children, or relative, this process is complicated as the court evaluates the assets and necessary evidence.
Additionally, young people think they do not need an estate plan because they have no assets; however, many people who do not think they have anything that can be inherited are wrong. Assets that can be inherited include money, property, and belongings, among other items. Regardless, it is better to draft a small estate plan in the case of an untimely passing – thus making the process of inheritance as easy as possible – than to have unknown assets given away to an unwanted party.
Misconception: “I Do Not Have Time to Create a Will”
In a recent survey, about one in four people said they do not have a will because they do not have the time to put one together. Additionally, over half of these respondents were parents. Because of the many misconceptions about estate planning, most individuals believe creating an estate plan is complex. However, for most Texans and their families, creating an estate plan is straightforward. Additionally, estate planning attorneys are here to help! They have a wealth of knowledge drafting estate plans and can take the burden of creating a plan off of a person’s hands. Because of this, individuals – especially those who feel they do not have the time to create a will – should contact an estate planning attorney for assistance.
Contact a Houston Estate Planning Attorney
If you or a loved one does not already have an estate plan in place, contact the Houston estate planning attorneys at McCulloch & Miller, PLLC as soon as possible. Our attorneys have years of experience handling estate plans for a diverse clientele, so we will work with you to draft an estate plan that works for your specific needs. Do not believe the common misconceptions about estate planning, and contact us to create a customized estate plan to fit your needs. To schedule a free consultation, call us at 713-333-8900 today.