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July 2016 Archives

Estate planning also includes addressing digital assets

Estate planning in Texas typically includes a range of documents, such as a financial power of attorney and a health care power of attorney. It also usually includes a will and possibly a trust. However, because people's online presence is growing, estate planning today also often includes digital assets.

Trusts can be helpful for passing down homes or land

People in Texas understandably do not like to think about death. However, failure to create estate plans, which can include wills or trusts, will prevent them from being able to dictate what happens to their possessions when they die. This is especially true for people who have land or homes they would like to pass down to their loved ones.

Estate planning can help to prevent family conflict

Money often brings out the negative sides of people, particularly when the valuable estate of a deceased loved one is involved. Unfortunately, the emotions, time and money that surviving loved ones invest in contesting a Texas will might actually cost more than the legal document itself. At the end, not much of the estate may be left to distribute, all while family relationships are utterly destroyed. Estate planning helps to prevent family conflict and is an important task to complete while the the opportunity to do so exists.

Estate planning important for everyone in Texas

Many individuals in Texas and other states are making the mistake of overlooking their assets simply because they do not think they have any. In reality, estate planning is important for all individuals no matter how few or many assets they have. Even a young child who has a custodial account has an estate. Likewise, a teenage girl who has received a piece of jewelry from her grandmother has an estate.