Texas estate planning not only for the wealthy

Estate planning is important for people in Texas, regardless of their net worth, asserts a recent article. It may surprise some of our readers to learn that the wealthy are among those who have the most difficulty bringing themselves to start estate planning. In fact, only 28 percent of those who define themselves as millionaires plan to enter into this very important process.

Estate planning can help the wealthy in Texas by allowing them to direct how and when their assets are paid to heirs and beneficiaries. By using a trust as part of their estate planning strategies, individuals can make payments to their beneficiaries over the course of many years or only when certain events take place. Another important benefit to the wealthy is that a trust is not subject to the probate process.

It is important to remember, though, that it is not only the wealthy who can benefit from estate planning. By using the commonly available tools, those with smaller estates can also ensure that their wishes for their assets can be followed after they die. The same tools, often wills and trusts, are used by these individuals. In adding, many find it helpful to add a power of attorney or healthcare directive to their estate planning documents.

Estate planning is a good idea for people in Texas regardless of their income. There are nearly 60 percent of people in our state and across the nation who have yet to take such steps, the article notes. These people may find that if they begin the estate planning process, they are able to alleviate any concerns that they may have about not only the distribution of their assets but also end of life decisions such as healthcare.

Source: Millionaire Corner, Are Affluent Households Up on Estate Planning Basics?, Donald Liebenson, Oct. 28, 2013

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