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Why do you need an estate plan?

 Posted on February 12, 2021 in Estate Planning

When you think about planning for the future, you may dream of going on a once-in-a-lifetime vacation or saving for retirement or college for your children. You may not consider how important it is to have an estate plan for your future too.

If you haven’t made an estate plan yet to plan for the future, you are not alone. Unfortunately, only 32% of Americans say they have a will or other estate planning documents, according to a 2020 Caring.com survey. Of those surveyed, a majority of people say they just haven’t made estate planning a priority, even though they know it’s important.

The importance of having an estate plan

Everyone can benefit from having an estate plan, not just those who are wealthy. With an estate plan, you give your family direction about your wishes. You get to choose who will receive your assets and your heirloom items in your will. You can name a guardian for your underage or special needs children and establish a trust to provide for them. You can direct that some of your assets go to your favorite charity. Without a will, Texas law will decide how to distribute your assets.

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