The composition of families across Texas and the nation is changing. Until recently, a traditional model in which there were two parents and several children was the standard model for a family. Now, there are many different types such as blended families, single households and other structures. This has made those who are seeking to begin estate planning need to deal with a wider variety of issues than in the past.
Estate planning is important for just about everyone in Texas and across the nation. By creating a plan, a person can ensure that their wishes as to asset distribution are complied with at the time of their death. In addition, it may be important to plan for end-of-life care and other issues.
With only 20 percent of households in our nation having a traditional family structure, it is important for many people to consider reviewing the available estate planning tools as they enter the process. This review can offer insight into the best methods for preparing an estate plan for an individual situation. The good news is that many of the available tools can be customized for families' specific needs.
Estate planning is an issue that many people in our state face each year. To ensure that a plan is created that adequately addresses all of a person's needs, it is important to take time to review the options. In most cases, a combination of documents such as a will, trust, durable power of attorney and other tools can be used to make the estate plan that best fits a person and their families needs.
Source: Huffingtonpost.com, "The Disappearing Nuclear Family And The Shift To Non-Traditional Households Has Serious Financial Implications For Growing Numbers Of Americans," Debra Caruso and Sandra Timmerman, Jan. 25, 2013