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December 2016 Archives

Basic estate planning involves creating a will

Some people in Texas avoid creating estate plans because they do not want to think about the possibility of dying. However, other people are simply overwhelmed by the process and consider it too complicated. A couple of tips may help people to embark on estate planning efficiently so that they can start off 2017 strong in this aspect of financial planning.

Powers of attorney: what are they, and why do you need one?

Most of us have, at some time or another, heard the phrase "power of attorney." That being said, however, many people aren't quite sure what exactly powers of attorney are, what they do, or why they are actually vitally important parts of any comprehensive estate planning strategy. This post will attempt to answer those questions and outline a few reasons why you - yes you - need a power of attorney.

Creating living will an important part of estate planning

During the holidays, most people typically prefer not to talk about the possibility of becoming incapacitated. For this reason, estate planning in Texas or elsewhere may not be significant area of focus. However, incapacitation can occur unexpectedly, which is why engaging in estate planning now makes good sense.

Estate planning can be helpful in event of incapacitation, death

The end of the year can understandably be quite hectic for families in Texas. However, estate planning is a critical part of planning for the future and many recommend that it be completed before the year's end. A few tips may help people to address this process effectively.

Estate planning involves both creating and updating plans

As the year of 2016 draws to a close, now may be the perfect time to create a Texas estate plan, particularly for those who have been putting it off all year. Many individuals understandably prefer not to talk about death or the chance of becoming incapacitated. However, failure to address these possibilities through estate planning can cause additional and unnecessary grief for their loved ones in the event of their incapacitation or passing.

Special needs trusts can help those with disabilities

In some situations, wills are sufficient for meeting people's estate planning needs in the state of Texas. However, in other situations, trusts can especially come in handy. One such situation is if a family has a special needs child.

Updating beneficiaries essential for blended families

Estate planning is important for all types of families, both large and small. However, it is especially critical for people who are in a blended family. Blended families in Texas would be wise to start estate planning now, before their plans have to be implemented, and it starts with updating the designations of beneficiaries.

Estate planning allows people to determine who gets their assets

It is natural to want to avoid creating an estate plan. After all, people in Texas generally prefer not to discuss topics related to death, or they may think that estate planning is not necessary since they do not have many assets. However, developing an estate plan is a critical part of planning for the inevitable in the future.