Aging and dying are two admittedly unpopular topics in Texas and elsewhere. However, they are also inevitable occurrences, so it makes sense to address them through detailed estate planning. A comprehensive estate plan features several important components.
The last will and testament is a basic part of any estate plan and makes clear who will receive which assets once the owner of the assets passes away. Without a will, these assets will pass to the owner's heirs based on the state's laws, which may not align with the owner's wishes. A living will is also essential for making sure that the care desired at the end of one's life is provided.
Putting together an estate plan is only half the battle when planning for the future. It is just as important to make sure that the plan is regularly updated in order to keep it valid. This means the proper adjustments must be made to it after life changes occur, such as a child's birth or adoption, divorce or marriage. Other noteworthy life changes that affect estate planning include a decrease in dependents due to a child turning 18 years old, a family member's debt, the acquisition of a debt or asset, a major boost or drop in income, or entry into a new partnership or business.
Through estate planning in the state of Texas, it is possible to control what happens to one's assets posthumously. It is also possible to dictate how end-of-life care will be provided. Through the help of an attorney, this seemingly morbid task can actually provide a peace of mind for the person creating the estate plan as well as for his or her loved ones down the road.
Source: theglobaldispatch.com, "As the New Year Starts, Review Your Estate Plan", Feb. 7, 2017