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Why new homeowners should create an estate plan

On Behalf of | Feb 8, 2023 | Estate Planning

Buying your first home is a significant accomplishment. It also tends to be a long process with lots of paperwork to fill out, negotiations with the seller and waiting for the lender to approve your mortgage application.

Once you finish signing everything at closing and the closer hands you the housekeys, the fun of owning your own home begins. Besides the day-to-day of maintaining a home, there are the financial implications of purchasing what might be one of the most valuable assets you will ever own. Among those implications is what will happen to your estate after you pass away.

Do I really need an estate plan at my age?

Many younger people assume they do not need an estate plan. They might be unmarried, have no children and own few assets. There are many reasons why adults can use an estate plan at every stage of life. But buying your first house is definitely one of those milestones that means it’s time to consider starting a plan if you don’t have one yet.

Even a modest house, townhouse or condo in San Antonio is worth hundreds of thousands of dollars. Even if you are still fairly young and in good health, the future is not guaranteed. Someone who passed away without a valid will in place is said to have died intestate. That means Texas’ intestacy laws would determine who inherits your assets. That might not be the person you prefer to receive your legacy. And passing on wealth without careful planning can trigger tax implications.

A simple estate plan involving a will, advance directive and perhaps a trust can give you control over your house and other assets. Working with an estate planning lawyer can give you the best possible plan tailored to your particular needs.