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Estate planning offers multiple benefits

Many people in Texas and elsewhere in the United States think that an estate plan is only necessary for someone who is rich and famous. However, most everyone has something of value, whether it be money in the bank, a home or a vehicle. Thus, estate planning is an important consideration for most adults.

A last will and testament is a major part of any estate plan. It can spell out who will inherit one's assets. In that sense, the testator can control what happens to his or her assets posthumously. This ensures that the assets end up in the intended hands when the time comes.

A power of attorney is also an important part of an estate plan and addresses what happens should the individual become disabled. In fact, a disability often has significant consequences for a person's financial and personal affairs. A power of attorney can also specify who will handle one's finances, rear their children and make medical decisions if the person granting the power subsequently becomes incapacitated.

Another benefit of proper estate planning is that a person can make a gift under his or her estate plan in order to reduce his or her estate taxes. A carefully crafted plan can help to maximize an estate's value for the benefit of future heirs and beneficiaries. An attorney can guide an individual in Texas through the estate planning process so that his or her wishes will ultimately be honored in the event of his or her incapacity or death.

Source: findlaw.com, "Ten Common Estate Planning Mistakes to Avoid", Accessed on Jan. 17, 2017

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