Estate planning in Texas often means a review of all assets and liabilities of an estate. As the estate planning process continues, individuals work to create documents that reflect their wishes as to the distribution of their estate at the time of their death. In addition, many people create documents, such as a power of attorney, that appoint individuals to care for them when they cannot.
There are many types of estate planning tools that can be used to achieve the goals of an individual. These often include basic documents such as a will or trust. These tools can be customized to fit the needs of a person. In addition, specific bequests can be made using tools, such as a will, to pass down heirlooms, property and other assets.
The need for estate planning is great regardless of the size of an estate. Though only about 1 percent of our country’s population will have to address the federal estate tax in their estate plan, there may be other expenses that apply to the distribution of an estate. To understand all of the possible ramifications of the applicable law, a person may find it helpful to seek a full review as he or she enters the estate planning process.
Estate planning may be a stressful process for some people in Texas. When that is the case, such a person may find it helpful to seek advice from someone knowledgeable with the process. In addition, completing a review of all of the available assets can help to ensure that the documents created are complete and adequate.
Source: LifeHealthPro.com, “No more estate planning excuses,” Philip E. Harriman, Feb. 6, 2013