People in Texas enter into the estate planning process to achieve many different goals. These include the desire to fund any future needs for long-term care and to ensure that their assets are distributed according to their wishes at the time of their death. The good news is that there are estate planning tools available to achieve each of these goals and more.
In most cases in Texas, people who begin estate planning seek to use tools such as a will or trust. A trust is used by those who have assets that they wish to use in cases such as while they are still alive but incapacitated. There are many situations in which a trust can be used, and the number of available options is great.
A will, on the other hand, is commonly used by those who wish to distribute their assets or give a specific bequest. This type of document can detail exactly how an estate is distributed when a person dies. It can be customized to fit any estate planning need, regardless of the size of the estate at the time of an individual's death.
Estate planning is a process that can be intimidating for some people in Texas. To lessen the fear of beginning the process, some find it helpful to review all applicable laws as they apply to a specific situation. This review can include consideration of the desires of an individual as to the goals that they wish to achieve with their estate plan. A careful consideration can benefit not only the person planning, but also their heirs and beneficiaries in the future.
Source: The Leavenworth Times, "Good estate planning will save hassles later," Larry Martin, March 25, 2013