Coming up with an estate plan is a process that ideally begins earlier than many people in Texas may think. Some individuals believe that since they do not have any obvious heirs, such as kids, they do not necessarily need to complete estate planning. However, creating an estate plan is necessary in order to document a person's wishes and ensure that these wishes are granted in the event something happens to him or her.
Regarding what a person will leave behind when he or she dies, there are three recipients of these assets. They are the U.S. government, individuals or charity. To most people, the government or the state are the least appealing options.
Having a comprehensive estate plan can help people keep their relatives from being disinherited, and it can also help people leave money or other assets to friend and charity. In addition, one of the simplest and most common approaches to estate planning is for couples to produce what are called sweetheart wills. In these wills, the parties leave all of their assets to each other and outline who will get what items after they both die.
Creating a will in Texas is wise at any age, even at the age of 30 or 40, as it ensures that the government will not get a person's hard-earned cash when he or she is gone. However, complete estate planning involves more than just creating a will. It also involves directions for long-term health care insurance along with instructions for any health care directives and the donation of organs. Proper legal guidance may help people complete the process of estate planning in a way that best meets their needs as well as those of their loved ones.
Source: realtytoday.com, "With or Without Kids, You Need an Estate Plan", Oct. 20, 2015