With 2017 in full swing, now is an ideal time to focus on developing estate plans. Many people spend their entire lifetimes building their estates, so it only makes sense to take time to ensure that all of one’s assets end up in the intended hands when one dies. A few tips may help with navigating the process of estate planning in Texas.
The first step typically involves initiating a discussion about estate planning. Some elderly parents prefer not to discuss it because they consider it to be a morbid topic. Likewise, adult children might hesitate to mention it to their grandparents or parents for fear of placing unnecessary stress on them. However, estate planning can take place only once one has decided to start talking about it and taking it seriously.
The next step in creating an estate plan is to review one’s financial situation, as a critical review is foundational for a detailed estate plan. Next, developing objectives for one’s estate is important. Goals vary from one family to the next, depending on the number of children involved, the assets and liabilities that must be addressed, how old the survivors will likely be and the values of those creating the estate plans.
Many individuals think that estate planning is only important for the rich. In reality, it is a process that is crucial for most Texas families. An attorney can lead one through the process of executing a well-thought-out estate plan that is tailored to the wishes of the individual client.
Source: hpj.com, “Estate planning is for everyone“, Larry Dreiling, Jan. 30, 2017