Why Houston Investors Should Not Delay Estate Planning

There is no denying that the COVID-19 pandemic has sent shockwaves through the Houston economy and beyond. Indeed, only time will tell the impact of the virus on countless markets. With this in mind, the importance of estate planning early on has never been as clear.

3 Major Advantages for Investors with Estate Plans

As an investor, engaging in the estate planning process early on has several key advantages. First, estate planning early on allows investors to identify the major arch of their financial goals and to act accordingly. Second, estate planning early on affords investors ample opportunities to adjust their strategy to reflect market and legal changes. Finally, estate planning can help young investors cultivate wealth early on.

Investors who wish to take advantage of the benefits of early estate planning should contact an experienced trusts and estates law firm right away. In general, an effective trusts and estates lawyer should adhere to the following basic outline in guiding clients through the estate planning process.

First, and most importantly, trusts and estates lawyers help their clients identify and prioritize their unique financial goals. Generally, clients are able to identify a primary goal for their estate, such as passing it to their heirs, donating it to charity, or perhaps spending it over the course of their lifetime. Wherever a client may be in the process of identifying their goals, their lawyer must be able to help them gain clarity and confidence in their intentions.

Second, an effective estate planning lawyer will assess their client’s current outlook and any upcoming changes that would significantly affect the estate planning process, such as a career change or a move. Given the pandemic’s effect on the job and housing markets, this step cannot be overlooked.

Only once these steps are fulfilled can an effective estate plan be put in place. Because life is unpredictable, trusts and estate lawyers often advise their clients to start with a basic plan. For example, a client might wish to establish a basic will, an advance directive, and a revocable trust to start. Having these basic instruments in place gives clients breathing room before a more detailed plan can be put in place.

Finally, it is best for clients to be in regular contact with their trusts and estates team to account for relevant changes in the legal landscape, such as changes in tax law, as well as any personal changes. While young investors may initially intend to spend the bulk of their assets during their lifetime, for example, those plans may change with the birth of a child. Estate planning early and making adjustments as needed is an excellent way to create intergenerational wealth. Alternatively, many young investors are finding themselves interested in any number of important social causes and may wish to reallocate portions of their estate to philanthropy.

In short, trusts and estates lawyers can offer young investors significant guidance in protecting the estates they have worked so hard to build.

Find a Houston Estate Planning Lawyer Today

No matter your age, if you are an investor, it is safe to say that you will need an estate plan to protect your assets and ensure your financial goals are met. The Houston estate planning law firm of McCulloch & Miller, PLLC is here to help. Serving individuals and families in the greater Houston area, our trusts and estates team has decades of experience in the field. We pride ourselves on taking a holistic approach to the estate planning process and are committed to helping clients identify and prioritize their own unique financial goals. Call 713-333-8900 to schedule a consultation with one of our lawyers today.

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