In a recent survey, 56 percent of Americans reported not having a will. In other words, most Americans have not determined how their estates are to be divided once they die. A few tips may help with completing well-thought-out estate planning, which includes coming up with a will and other documents that reflect one’s wishes in Texas.
If people have children, their belongings will generally end up going to their spouses or their children if they have not created wills. However, there are complications for single people with no children. Complications also arise for couples who are not married but are cohabitating, and there can also be challenges for married couples without children. For instance, the husband may die, in which case his assets go to his surviving wife. If the wife dies shortly thereafter, her assets will likely go to her family, but she may have wanted to give her assets to her husband’s side instead of depending on the family dynamics.
For starters, having a will is essential when creating an estate plan. A power of attorney for health care and then one for financial decisions are also important parts of any estate plan. Powers of attorney are necessary for those who cannot make decisions for themselves due to disability.
Choosing beneficiaries is critical as well, particularly for those without children. It is common for people without children to want to leave their assets to their nephews and nieces, for example. An attorney in the state of Texas can help with completing estate planning in a way that accurately reflects people’s needs and desires at their current life stages.
Source: yahoo.com, “Estate Planning Is Important for People Without Children“, Debbie Carlson, Feb. 16, 2017