Although more Americans are taking steps to improve their diet and exercise routines, major illnesses can still strike at any time due to factors such as stress, genetics and age. Having quality and reliable health and life insurance is an important first step to ensure financial protection if illness strikes unexpectedly, but estate planning is just as important to help individuals and families as they navigate through difficult health journeys.
Estate planning offers several major benefits to individuals and families before, during and after a major illness. First, estate planning helps account for all current assets and debts prior to any future asset distribution. This ensures there are financial provisions made for survivors, beneficiaries, charitable organizations, and companies associated with the estate. Many times individuals can fall into poor health with little to no provisions made for their loved ones, which puts a financial strain on caregivers already emotionally vulnerable.
Before illness strikes, it is also important to conduct thorough estate planning because of the complexities and many legal issues involved. Most family members do not have the expertise or legal background to correctly prepare estate planning documents, such as a Will, or establishing guardianship. Early estate planning eliminates the guesswork and uncertainty regarding estate division and distribution and ensures that assets will be divided correctly and legally. Estate planning also allows family members to focus their time and energy on their ill loved one rather than tedious and time-consuming legal documentation.
Finally, early estate planning gives individuals and families an opportunity to understand their current financial situation and make proactive changes to improve their financial future. Before illness strikes, family members can take steps to reduce debt, increase insurance coverage, and earn additional income to ensure financial security in the future. These proactive steps can ensure that a family can avoid financial disaster if illness causes the loss of income, health insurance coverage, or some other kind of dire financial event.
Thorough and effective estate planning is a key part of the Probate Law services offered by Christiansen Law Firm. With offices in Houston and San Antonio, the Probate Law attorneys of Christiansen Law Firm have extensive experience of Texas probate laws and how families can best protect their assets and financial future. Christiansen Law Firm can also assist individuals and families with creating and filing Wills and Trusts, and establishing Guardianship as well. Contact Christiansen Law Firm for more information, or to request a free consultation.