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Lack of estate planning can cost loved ones

Research shows that 40 percent of people in the Baby Boomer generation have not yet created wills. When considering all of the Americans who are older than 34, this figure jumps to a whopping 71 percent. A lot of people blame a lack of incentive or even procrastination for this; unfortunately, failure to engage in estate planning in Texas may end up seriously costing one's surviving family members.

If a person dies with no will, this individual's assets will go to his or her spouse if joint ownership has been established. Any asset that has not been jointly owned may cause stressful and lengthy legal battles. These include pieces of jewelry or vehicles.

It is critical that people decide who they would want to get their assets in the event of their deaths, especially those who are in their second marriages and are attempting to provide for not only their spouses but also their kids from their previous marriages. A trust is particularly handy for allocating an inheritance at particular ages so that children do not get too much money too soon. Trusts are especially ideal for individuals with young kids, people who have disabled children and people who have a great deal of wealth.

People naturally do not look forward to engaging in estate planning, as people typically prefer to talk about life instead of death. However, proper estate planning is essential for ensuring that one's intended beneficiaries end up with one's assets down the road. Proper legal guidance can help people in Texas file the appropriate paperwork to make sure that their resources go exactly where they want them to go when they die.

Source: wtxl.com, "Estate Planning Pointers", Kellie Bartoli, Dec. 8, 2015

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