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November 2014 Archives

Beyond estate planning: Is your information organized?

Texas residents are told that having even a basic estate plan including a will, powers of attorney and a living will is essential. That is true, but estate planning efforts could be in vain without organizing the important papers that family members will need if an individual becomes incapacitated or passes away. The trusted individuals who are named to carry out his or her wishes need to know where to find the information needed to take care of that person's affairs.

The importance of wills in estate planning

It is important for Texas residents to set up a last will and testament if they want to dictate how their estates will be divided following their deaths. Incredibly, though, a full 70 percent of Americans do not have a will on file. However, when you consider how much easier your death will be on your loved ones if you have a will on file, the choice is clear: Wills need to be written now before it is too late.

Should I pick a professional to administer assets?

Estate planning can seem like an overwhelming process. There is a lot to decide, including where assets should go, how to protect the estate from having to pay any unnecessary fines or taxes and picking a personal representative to administer assets. While the duty of estate administration is usually passed on to a family member or a close friend, there are those in Texas who don't feel they have someone they can trust to take on this role.

Estate planning concerns of farmers who strike it rich

Have you ever dreamed of striking it rich by finding vast reserves of oil in your back yard? The funny thing is, it actually happens sometimes. With the extra riches, though, come added financial responsibilities for Texas residents -- both in terms of managing the wealth while alive and in managing it for future generations to come through responsible estate planning.