Houston residents who begin the estate planning process want to get it right the first time. The problem is, most people who begin the estate planning process have quite a few questions about the options that are available. So, what are some of the best estate planning strategies that Houston residents should consider?
Well, it is important to start with the basics: have an estate plan in place – don’t rely on the intestacy laws of Texas to address asset distribution and guardianship issues for minor children. Some people make the mistake of putting off the task of establishing an estate plan; this is a mistake.
Beyond that, there are many other strategies to consider. For some, it is important to plan for contingencies in which the person becomes disabled. An estate plan can include long-term care insurance, or health care directives that instruct a personal representative on how to approach certain issues if the person establishing the estate plan is unable to communicate. Everyone will want to make sure that they pick the right person to be the executor of the estate.
Perhaps one of the most important strategies when it comes to estate planning is an ongoing obligation: update your estate plan as needed. Things change in life – marriages and divorces occur, children are born – and Houston residents will want to make sure that they change their estate plans as those life changes occur. Failing to do so could lead to a result that wasn’t intended by the planner.
Source: FindLaw, “Ten Common Estate Planning Mistakes to Avoid,” Accessed Feb. 12, 2017