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Duncanville Probate Blog

Why starting a family and writing your will go hand in hand

If you are considering having children or adopting, you know that there’s plenty to do to prepare for the new addition to your family. However, one important step that is often overlooked is establishing a backup plan for your child.

While most people don’t think of writing a will until they’re retired, devising an estate plan is essential for new parents. Here are a few reasons why.

A trust does not replace the need for a will

There is a common misconception that a trust can replace a will, but this is not true. Trusts have many benefits, including that they do not go through probate or become part of public record. However, life gets busy and is full of changes. If you forget or run out of time to put an asset in the trust, then it will be passed on according to Texas law, not necessarily according to your wishes.

Texas' intestate succession laws include a hierarchy of relatives who could inherit any items that were not put into a trust. The problem with this is that intestate succession laws provide a cookie-cutter approach that may not appropriately represent your life, your wishes or your closest relationships. However, you can take action to make sure all of your assets go to the people you care most about.

How to plan for later-in-life care

Everybody wants to live a good life. Achieving enough success to live comfortably, surrounded by friends and family, is one of the reasons we work hard in daily life. Things change as people get on in years, though. Bones get a little creakier, muscles get a little stiffer. That is when it may be time to consider plans for future care.

There’s no shame in having a medical plan in place. Having formal plans in writing leave nothing to question for your heirs and family. It also gives you peace of mind in knowing that medical care or assisted living costs are covered. These are a few ways you can get each of these bases covered.

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