People in Texas know that they should consider how their assets will be distributed in the event of their death. In fact, because of this concern, some have begun estate planning in an attempt to direct just who will receive assets when they die and how they will be paid. This is why, one recent report notes, it is important to complete a periodic review of an estate plan.
There are many facets to estate planning in Texas. Besides the decision as to whether a person would best be served by a will or a trust, other documents are necessary. These include a durable power of attorney and a healthcare directive. These documents are important when a person becomes incapacitated and unable to care for themselves.
Also important is a review of the estate planning documents once they have been created. In fact, the report asserts that such a review should be completed every two years. Among the details to be looked at are if the people appointed to do tasks such a becoming a guardian of minor children or an executor of an estate are still the best choices. In addition, beneficiaries can be reviewed at the same time as the estate planning documents.
There are many considerations for people beginning estate planning in Texas. To ensure that all of the necessary details have been covered, it can be helpful for an individual to review all of the available options. This can be important not only as the plan is created, but when it is needed and the heirs look to documents for direction.
Source: Fox Business, "Why You Need an Estate Plan," Donna Fuscaldo, June 21, 2013