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July 2014 Archives

Incorporating digital assets into the estate planning process

A study that was completed by the Pew Research Center indicates that 87 percent of the American adult population is currently using the Internet. This figure has increased by 100 percent during the last 14 years. As Internet usage has increased, so too has the amount of data that people store on the Internet. In terms of wills and estate planning in Texas, much of this data can be classified as digital assets.

It is wise to create three important estate planning documents

Between brainstorming this week’s dinner meals and keeping up with business clients or work tasks, people in Texas may not feel that they have enough time to put together estate plans. In addition, some individuals feel that estate planning is unnecessary since they aren’t rich or because they’re single. However, creating an estate plan is essential for all legal adults who have assets.

Limiting conflict among heirs with strategic estate planning

As more and more baby boomers begin to inherit the estates of their parents, estate planning concerns are becoming more prominent for Texas residents and the rest of the nation. Indeed, according to a study that looked at the passing of wealth from generation to generation, baby boomers are set to inherit a total of $8.4 trillion in assets in the coming years. The average inheritance is estimated to be $64,000. Even in cases where an estate is small, though, estate planning can help.

One estate planning mistake all Texans need to avoid

Texas residents in the process of putting together a will may wish to consider the importance of appropriately filling out the beneficiary paperwork on their insurance policies and various investment and banking accounts. Indeed, many individuals make one fatal estate planning mistake while filling out their individual retirement account (IRA) forms. They either forget to update the beneficiary information, or they fill it out improperly by making a general reference to their last wills and testaments.