It’s always better to do something now, rather than later. Why? Because you’ll get your affairs in order now, and it should save time and money later. Here are a few examples:
(1) Last Will and Testament: if you don’t update it as your goals change, then your money could go to the wrong people or to the right people at the wrong time. Also, if you die without a Will, then the post death administration of your estate will be longer in duration, higher in costs, and more onerous in scope.
(2) Powers of Attorney: If you don’t have your POAs in place, then when you need them they may be impossible to get or you may need an extremely costly guardianship proceeding with tight ongoing restrictions and requirements.
(3) Deeds: Many people inherit or think they inherit property, but fail to get proper title recorded. As time marches on, it usually gets more costly to repair. This can especially be a problem as we deal with the death of the 2nd spouse who dies or with fractionalized ownership of oil and gas rights through multiple generations.
It’s much better to nip these in the bud as early as you can.
Mike Massey Law can help you with Wills, Trusts, Real Estate, LLC Formation and Personal Injury. We have offices in Austin, San Antonio and Houston.