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Estate planning involves both creating and updating plans

As the year of 2016 draws to a close, now may be the perfect time to create a Texas estate plan, particularly for those who have been putting it off all year. Many individuals understandably prefer not to talk about death or the chance of becoming incapacitated. However, failure to address these possibilities through estate planning can cause additional and unnecessary grief for their loved ones in the event of their incapacitation or passing.

An estate plan can include documents such as a will, a medical power of attorney and a financial power of attorney. Those who already have estate plans in place may want to review their plans before the end of the year and then resolve to update them annually. After all, many events occur in life that may render an estate plan outdated.

Some events that may impact an estate plan include the birth of a child or the decision to buy or sell certain assets. It is also important to examine the nominations previously made for agents, successor trustees and executors. For those with minor children, listing a guardian for them is essential as well.

Laws also can change, thus impacting an existing estate plan. For an estate plan that is older than five years, it may be helpful to have an attorney look it over to see if any changes made in the law may affect the plan. The right guidance can help people in Texas to engage in estate planning in a manner that ultimately reflects their best interests.

Source: cvbj.biz, "Your end of year tax, financial checklist", Dec. 14, 2016

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