The issue of estate planning is a sensitive but important topic that many fail to acknowledge. Having a plan in place for when the worst happens makes sense for both you and your family to avoid the many pitfalls that can be easily avoided.
Estate planning is more than just creating a will. It’s a process designed to best carry out your wishes in a multitude of scenarios where you are left incapacitated. The general rule is the earlier you have these conversations, the better you and your family are covered.
Having the Talk
If you recently married, one of the first conversations you should have with your spouse should address estate planning. Your family will need a plan if either of you are medically incapacitated. Issues such as who becomes in charge of medical decisions are key to avoiding legal pitfalls when your family is at most in need.
Be sure to discuss issues of guardianship for your children in the case a tragedy occurs. A proper plan ensures that your children are provided for and also determines whom they will live with.
A proper estate plan also includes laying out an inheritance. You need to determine who gets what and address any issues that may affect an inheritance.
Even if you are single, it is best to have these discussions sooner rather than later. As soon as you reach legal adulthood, you will need a plan for you and your family. Timing is absolutely key in these matters, despite their uncomfortable nature. It is always best to plan with a clear mind toward the future rather than in a storm of stress.
Let Us Take Care of You
At Barrera Sanchez & Associates, we understand the gravity of the situation and work with you to make sure your family is covered. We work with you to ensure that your wishes will be observed if the unfortunate happens. If you would like to know more, contact us online or give us a call at 956.287.7555.