Estate planning is often avoided simply because it is understandably not enjoyable to discuss the topic of death. However, not engaging in estate planning in Texas may mean one’s assets will not be passed down to loved ones according to one’s wishes. It may also mean one’s kids will fight over the money left behind.
First, it is important for people to know where they stand. If they have not created estate plans or updated their estate plans in the past five years to 10 years, doing so now is wise in order to fully comprehend their complete financial pictures. It is essential to adjust estate plans when major life changes take place or when a huge shift in assets occurs–for instance, when a relative is in need of help. A well-thought-out estate plan reflects a person’s current financial realities, so it can be helpful to seek professional financial and tax advice before determining how to allocate one’s wealth.
After a person has determined how to distribute his or her wealth, it is important to communicate this plan to family members. Reviewing estate plan documents with one’s children is wise when the children become older. During the review, it is important to verify that any legal document confirms exactly what one plans to do.
If not handled correctly, an estate plan in Texas may unfortunately put loved ones at odds down the road. It can also mean that one’s assets are not protected. Proper legal guidance may help people successfully complete estate planning according to what is in their best interests as well as those of their loved ones.
Source: registerstar.com, “Keeping the peace between adult children in estate planning”, Nathaniel Sillin, April 19, 2016