When to Start Working with a Dallas Estate Planning Lawyer
Life is unpredictable -- no one knows when their final day will come. Preparing for the future is essential, and an experienced Dallas estate planning lawyer can ensure that your final wishes are carried out3
That said, you’re likely well aware that you need to give thought to things like wills, trusts and advanced healthcare directives. But if you’re like many people in Texas, you’ve been putting off estate planning. This puts you and your loved ones at risk, as it leaves decisions about your affairs to the courts.
So, is there a certain age when you should consult with an estate planning lawyer? Is it ever too early to put an estate plan in place? Actually, no – and the sooner you start the process, the more time you’ll have to strategize.
When Should You Begin Planning Your Estate?
Facing your own mortality might make you feel uneasy, but creating an estate plan is absolutely crucial. Having the proper legal documents takes the burden off of your loved ones, as they won’t be forced to make impossible decisions. It also provides you with peace of mind, as you’ll know the people you love the most will be cared for when you pass away.
All that aside, the truth is that if you don’t have an estate plan in place, Texas state law will dictate how your assets are distributed upon your death – and there’s every chance that won’t align with you wishes. So, it’s a good idea to speak with a Dallas estate planning lawyer sooner rather than later.
Ideally, you should schedule a consultation as soon as you have people you want to provide for or assets you’d like to protect. Significant life events, such as getting married, getting divorced or reaching retirement age, should also trigger a call to an experienced estate planning lawyer. Really, though, there’s no wrong time to have a conversation. And, it’s never too early – or too late -- to make plans for the future.
How Will You Benefit From an Early Start to Estate Planning?
Many financial advisors in Dallas, Texas, would recommend creating an estate plan the moment you become a legal adult. Or, if that day has passed, they’d say now would be the right time to contact an estate planning lawyer. Getting an early start comes with several advantages, including:
Financial security – By starting estate planning early, you’ll gain a comprehensive view of your finances, allowing you to make informed decisions about the future.
Incapacity planning – As part of your estate plan, you can appoint someone you trust to make medical and financial decisions \ in the event you become unable.
Avoiding probate – With a well-crafted estate plan in place, your heirs stand a strong chance of avoiding the lengthy and often expensive process of probate.
Lower taxes – The sooner you begin the process, the more time your attorney will have to develop strategies to reduce or eliminate potential estate taxes.
Asset protection – Trusts and other estate planning tools can be used to shield significant assets from creditors and ensure they go to your chosen beneficiari
Charitable giving – If you have organizations or causes that are close to your heart, a skilled attorney can include charitable provisions in your estate plan.
In addition, meeting with a Dallas estate planning lawyer as soon as possible gives you control. If your life circumstances change – your family grows, you acquire new assets or you have different goals, for example – you can always ask your attorney to modify your estate plan. Wait too long, and you may not have time to ensure that your legacy endures in accordance with your wishes.
How Should You Get Started With Estate Planning?
As we’ve explained, it’s best to begin working with an experienced estate planning lawyer soon. If you wait until you’re older or for a medical emergency to occur, you may not have the same level of control over your estate. What’s more, you may be unable to make certain decisions.
Like everyone else in Dallas, Texas, you have a unique situation, and you’ll want to find an attorney who is capable of creating an estate plan tailored to your needs. To pinpoint the right legal professional, follow these steps:
Think about what you’d like to accomplish with your estate plan, as some situations – such as concerns over long-term care or overseas financial interests – often call for lawyers with certain specializations.
Search for candidates, asking friends, family members, neighbors and co-workers for referrals. Accountants, bankers and insurance agents might also be able to give you the name of a top-notch estate planning lawyer.
Research your prospects, looking into the background of each attorney you’re considering. While you’re at it, check their websites for details about their law firm, their areas of specialization and their experience.
Based on the information you’ve learned, narrow down the options and schedule consultations with a few selected legal professionals. Come prepared, bring both the documents you need and a list of questions to ask the attorneys.
The final step is to make your choice – and we hope you consider the team here at Schultz and Kellar, PLLC. As one of the only law firms in the Dallas-Fort Worth metroplex area with both estate planning experts and highly skilled financial advisors, we have what it takes to help you prepare for the future. If you’re ready to start working with a Dallas estate planning lawyer, schedule a consultation today.
