When to Start Estate Planning in Texas

When to start estate planning comes earlier than many people expect. In an ideal world, you should begin once you have assets, dependents, or healthcare treatment preferences. In the real world, many people start planning as they reach particular events or life stages, like getting married, starting a family, or approaching retirement. Life can change quickly, and putting a plan in place clarifies your wishes, protects your family and legacy, and provides peace of mind for you and your loved ones.

At Lewis Law Firm, PLLC, we believe estate planning is one of the kindest things you can do for your family. Based in Texas and led by attorney Samantha Lewis, we guide individuals and families through compassionate, personalized estate and legacy planning. We serve clients at every stage of life with clear communication and a strategic, client-first approach.

What Estate Planning Involves

To better understand when to start estate planning, consider what it involves, including the details and documents that make a comprehensive plan. Estate planning means organizing your personal, financial, and medical affairs so others can carry out your wishes during your lifetime and after your death. A complete estate plan can take time to build. Your plan may include several documents, tools, and strategies depending on your circumstances and goals.

Wills

Wills form the core of most estate plans. Through a will, you can:

• Name an executory to manage your estate,
• Explain how to distribute your assets, and
• Appoint a guardian for your minor children.

Wills pass property through the court-centered probate process. If you do not have a will or create one that does not meet Texas’ legal requirements, state law decides who inherits your property when you die.

Trusts

Trusts are a versatile tool that can save on costs while protecting and managing assets for others. Trusts divide property ownership between a trust, which owns the property, a trustee, who manages the property, and one or more beneficiaries, who benefit from the property. They allow families to:

• Maintain privacy,
• Reduce probate delays, and
• Create long-term financial instructions.

Although some think of trusts as a tool for the wealthy, they come in many forms that you can tailor to your estate’s unique needs. You can elect to have them as revocable or irrevocable. In a revocable trust, the trust’s creator can retake the property within and cancel the trust, while the creator cannot do so in an irrevocable trust. Many people use revocable living trusts to manage and organize assets and irrevocable trusts to protect assets or save on taxes, often with guidance from an experienced asset protection lawyer.

If you worry about the cost of future potential nursing home care, as many do, you can even use trusts to help you qualify for Medicaid long-term care coverage without spending down assets. Generally, you want to start this process at least five years before you need assistance. Medicaid reviews all asset transfers applicants make within the five years before they apply for coverage, called the “look-back period.”

Powers of Attorney

A power of attorney is a document that grants someone legal authority to act on your behalf if you lose the physical or cognitive ability to make decisions. Powers of attorney can apply to financial, legal, and medical matters, and you get to set their terms.

Advance Directives

An advance directive, also called a living will, enables you to explain what kind of medical care you want or do not want in emergencies and at the end of life. A living will explains what you want so that your doctors and loved ones follow your choices about treatments such as resuscitation or artificial ventilation.

Beneficiary Designations

Some assets pass directly to others without going through probate, such as:

• Life insurance policies,
• Retirement accounts, and
• Certain bank accounts.

These beneficiary designations tell financial institutions who should receive specific assets and take priority over your will, so keep them accurate and updated.

Additional Plan Documents

Your estate plan might also include:

• A HIPAA (Health Insurance Portability and Accountability Act) authorization so loved ones can access your medical records,
• A digital asset plan to manage online accounts, and
• A funeral or burial directive.

These tools help avoid confusion by establishing your preferences during a difficult time.