Estate planning in Texas includes many elements. Those who are starting the process are often surprised to learn that they should include not only a will or trust as a part of their estate planning but also documents such as healthcare directives and powers of attorney. Each of these works in different ways to protect individuals who create them, as well as their wealth, as it passes to the next generation.
Part of estate planning in Texas is working to determine who stands to inherit property when a person dies. This can be complicated in some families that have gone through divorces or who have large numbers of children. The decisions for those creating a plan include whether or not to include step-children or spouses in the distribution of assets.
If a person decides to include blended families or spouses, they may find that it is even more important to periodically review their estate planning. This can help to avoid mistakes such as the unintentional distribution of assets to a former spouse of a child. However there are families in which former spouses are included, particularly if there was a long marriage or a close family relationship.
The good news for people in Texas is that there are a large number of options for people seeking to create an estate plan. This includes the ability to have organizations or people designated for inheritance, regardless of the relationship to the person creating the estate planning materials. Modifications of such documents can be made throughout a person’s life. This makes creating a plan much less stressful for many people in Texas and elsewhere.
Source: Reuters, YOUR PRACTICE-Who is family when it comes to estate planning?, Beth Pinsker, Oct. 29, 2013