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Broad picture is wise to take in estate planning

A lot of discussions about creating a plan for one's estate concentrate on discrete strategies. However, it is wise to take a step back occasionally to examine the big picture of estate planning. A few tips may help people to successfully navigate this process in Texas.

First, estate tax laws can change, so it is wise to keep an estate plan flexible. For example, rather than mentioning that a certain amount of money should be placed in a credit shelter trust, a person can use a formula in a will that will allow the total amount of money to change according to the law that is in effect at a given time. Sometimes people simply revise their wills each time the law changes.

Second, it is beneficial to go into the estate planning process as organized as possible. This is possible by preparing a detailed list of an estate's liabilities and assets. In addition, if there are assets that do not seem to have strategic purposes, it may be better to simply dispose of these assets or sell them, particularly if they are low in value.

A person with a lot of assets and a complicated estate will find that his or her estate plan will be more complex than that of a person with few assets. Nonetheless, an estate plan is essential for both parties. Proper legal guidance may help people in Texas to effectively complete estate planning in a manner that will enable them to place their assets in the intended hands upon their deaths.

Source: personalliberty.com, "Nuts and bolts of estate planning", Bob Carlson, Oct. 28, 2016

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