Why Estate Planning Matters

When you hear the term “estate planning,” you probably think first about a will. While estate planning does include planning for distribution of your assets after your death, it’s more than that. An estate plan is a comprehensive strategy that ensures your wishes are honored and those you love are taken care of when you’re gone. While some assume estate planning is only for the wealthy, this couldn't be further from the truth— your estate includes everything you own, no matter how modest. If you own anything, you have an estate.

We often tell clients that “if you don’t have an estate plan, the state of Texas wrote one for you.” While this may sound reassuring, the state’s default plan wasn’t designed with your specific family dynamics and needs in mind. In practice, the state’s intestacy statute that controls asset distribution in the absence of a will is inefficient at best and may lead to outcomes you never wanted. 

For example, if you have minor children, a will or trust lets you safeguard their inheritance cost-efficiently in trust until they reach a more responsible age. But in the absence of an estate plan, a minor heir triggers need for an expensive and cumbersome process that only protects the minor’s property until they reach adulthood.

Misconceptions around the probate process can also contribute to confusion. Fortunately, with a well-prepared plan and experienced probate attorneys guiding you, the Texas probate process is generally fairly quick and cost-efficient compared to many states. A thoughtful estate plan can reduce the expenses, time, and stress for your loved ones. 

Of course, estate planning isn’t a one-time task. Occasional updates like reviewing beneficiary designations, considering lifetime gifts, and planning for healthcare decisions in the event of incapacity should be made from time to time. By viewing estate planning as a lifelong commitment, you ensure that your wishes adapt as your life and circumstances change. Using a team like Ellen Williamson Law to handle that commitment will allow you to rest easy with the knowledge that your loved ones will have exactly what you want for them.

Ultimately, estate planning is about much more than property distribution or planning ahead for future incapacity; it’s a gift of peace of mind to your family. By thoughtfully planning, you can reduce the possible conflicts among family members and ensure that your instructions are clear. A well-crafted estate plan not only anticipates and mitigates possible problems, it also protects the relationships of those you care about. Whether it’s naming guardians for minor children or designating someone to make medical decisions on your behalf, estate planning is about empowering you and protecting your loved ones. We’ll help you create a solid plan so that, someday when the time comes to put it into practice, your family can focus on celebrating your legacy, not stressing over legal issues.

You can also read about some of the top misconceptions surrounding estate planning here.

Ellen Williamson Law proudly serves Dallas County and the Greater Dallas Metroplex area. We guide our clients through the difficult and complex journeys related to estate planning, probate law, and guardianship. Our goal is to help you navigate the complicated legal process while providing the best possible customer service and reducing confusion.

If you’re ready to have a conversation with a member of our team, contact us today.

Sources

1 Tex. Est. Code Ann. § 1002.012.

2 Tex. Est. Code Ann. § 1251.001.

3 Tex. Est. Code Ann. § 1251.151.

4 Tex. Est. Code Ann. § 1251.010.

5 Tex. Est. Code Ann. § 1251.002.

6 Tex. Est. Code Ann. § 1002.0015; Tex. Est. Code Ann. § 1002.031.

 7 Tex. Est. Code Ann. § 1101.101.

8 Tex. Est. Code Ann. § 1101.152.

9 Tex. Est. Code Ann. § 1054.001-004.

10 Tex. Est. Code Ann. § 1054.201.

11 Tex. Est. Code Ann. § 1002.017.

12 Tex. Est. Code Ann. § 1101.001; Tex. Est. Code Ann. § 1101.103.

13 Tex. Est. Code Ann. § 1051.101-203.

14 Tex. Est. Code Ann. § 1051.104(b)

15 Tex. Govt. Code § 155.151; Tex. Est. Code Ann. § 1104.404; Tex. Est. Code Ann. § 1104.003

16 Tex. Est. Code Ann. § 1054.151-153.

17 Tex. Est. Code Ann. § 1054.004.

18 Tex. Est. Code Ann. § 1054.151; Tex. Est. Code Ann. § 1054.154.

19 Tex. Est. Code Ann. § 1151.151-152.

20 Tex. Est. Code Ann. § 1105.001-002.

21 Tex. Est. Code Ann. § 1106.001.

22 Tex. Est. Code Ann. § 1151.051-056.

23 Tex. Est. Code Ann. § 1163.105.

24 Tex. Est. Code Ann. § 1151.101-152.

25 Tex. Est. Code Ann. § 1154.051-053.

26 Tex. Est. Code Ann. § 1156.051.

27 Tex. Est. Code Ann. § 1161.051.

28 Tex. Est. Code Ann. § 1153.001-005.

29 Tex. Est. Code Ann. § 1151.102-1151.103, Tex. Est. Code Ann. § 1158.

30 Tex. Est. Code Ann. § 1163.101-1163.102.

31 Tex. Est. Code Ann. § 1163.001-002; Tex. Est. Code Ann. § 1163.051.

32 Tex. Est. Code Ann. § 1202.

33 Tex. Est. Code Ann. § 1202.152.

34 Tex. Est. Code Ann. § 1203.102.

35 Tex. Est. Code Ann. § 1203.

36 Tex. Est. Code Ann. § 1163.103.

37 Tex. Est. Code Ann. § 1204.101.

38 Tex. Est. Code Ann. § 1204.152.