Why Do You Need an Estate Plan?

 Posted on December 19, 2025 in Estate Planning

When you think about planning for the future, you may dream of going on a once-in-a-lifetime vacation, saving for retirement, or funding your child’s college education. 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 24% of Americans say they have a will or other estate planning documents, according to a recent survey by Caring. At Colbert Law Group PLLC, our Flower Mound, TX estate planning attorney can guide you through the process, drawing on over 50 years of legal experience.

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.

Another important part of your estate plan is creating a living will, or health care directive. With a living will, you will dictate what medical care you will receive or what treatments you don’t want near the end of your life. You can reduce stress and conflict for your family members by letting them know your care wishes.

Finally, with a comprehensive estate plan, you will make plans if you become incapacitated because of an illness or accident. You can create a power of attorney document to give someone else the authority to make financial decisions on your behalf. You can also create a health care power of attorney document, allowing someone to make medical decisions about your care for you.

When to Create an Estate Plan

It’s best to create an estate plan earlier rather than later. However, it’s rarely too late to create an estate plan. As long as you are 18 or older and have the mental capacity to understand the impact of your estate plan, you can create one (Texas Estates Code Sec. 251.001). Having an attorney’s help will ensure you make a plan that best fits your circumstances and meets Texas law requirements.

Having an estate plan ultimately gives you peace of mind. You know your estate assets will be distributed the way you want, and you will ease your family’s stress over how to follow your end-of-life wishes.

Four Reasons People Consider Estate Plans in 2026

Everybody has different reasons to create an estate plan. For some, the decision to start making plans may come sooner than later due to life’s unpredictability.

Protecting Children

Adding a new member to your family through birth, marriage, or adoption is an incredible experience. All of the joy of new parenthood also comes with the stress of parental obligations.

Your children will need a guardian if anything happens to you while they are still minors. They will also rely on you to leave some sort of legacy that can help them cover their living expenses and basic needs. Estate planning during pregnancy or after the birth of a child is very common.

Safeguarding Assets

Whether you own a farm or a business, personal property worth more than a few thousand dollars will usually require careful planning to protect it in the long term.

Deciding whom to bequeath your property to is important, as is planning for a smooth transfer of ownership and the minimization of tax obligations. Moving property to a trust or changing how you own it can be a big part of estate planning when you have assets you want to protect.

Planning for Incapacitation

A stroke or a fall off the roof might leave you unconscious for days or weeks. Especially if you don’t have a spouse, there may not be anyone to speak on your behalf for medical care or handle your financial concerns. Estate plans that include a living will can protect those who become medically incapacitated by empowering someone to help manage their needs.

Securing State Insurance

Your health or financial circumstances can change with very little warning. Your employer might go under, effectively eliminating your income, or you could get diagnosed with a life-altering medical condition like multiple sclerosis or Alzheimer’s disease.

When you have major health needs or no income, Medicaid may be the only way you can get medical care. Applying for Medicaid triggers a review of several years of financial transactions, so planning well before you would need to get benefits is often crucial to the success of your application during financial hardship.

Contact a Denton County, TX Estate Planning Lawyer

There is no way to account for everything life will throw at you. However, a comprehensive estate plan can at least provide you with valuable peace of mind. At Colbert Law Group PLLC, we can discuss your future with you and take action to protect your interests. Call 972-724-3338 or contact our Flower Mound, TX elder law attorney online today to set up a consultation.