People may automatically think that creating wills is necessary only for those who are wealthy. In reality, estate planning is essential for people of all income levels in Texas and other states. If a person has any personal property, which includes a bank account and a home, he or she qualities.
A trust is particularly helpful for a person with high-value assets. The trust will allow the individual to control his or her assets while he or she is alive and then spell out what should happen to these assets upon his or her death. This includes bequests to surviving family members as well as ensuring that the individual's charitable intentions end up being achieved.
In addition to establishing a trust or creating a will, it is necessary to designate somebody who is trustworthy to carry out one's dishes after one's death. This individual is called the executor and may be a close friend or even a child who is now an adult. It is also wise to choose a durable power of attorney. This person has the legal authority necessary to address financial matters, including paying bills in one's name.
Estate planning can help people to preserve their wealth for future generations in the state of Texas. It also helps to ensure that their wishes are executed in a civil and timely manner. An applied understanding of the law may help people to create estate plans that will meet their personal needs as well as their loved ones' needs long term.
Source: cnbc.com, "Don't be like Prince. Set up an estate plan now", Sharon Epperson, May 5, 2016