Creating an estate plan is a task that is often left undone due to other competing priorities in life. However, it is essential for preserving assets, privacy and wealth when death strikes, and death can strike at any age. A few tips may help to make the estate planning process easier in the state of Texas.
Estate plans are often viewed as tools for determining who will get what once the owners of certain assets pass away. However, an estate plan is really a set of instructions that tell loved ones what to do in the event that the plan creator becomes seriously ill or dies. The plan provides an outline for what will happen to that person’s cherished items, assets and even business.
An estate plan also identifies the parties who should be in charge of making sure that assets are distributed appropriately and that other plan instructions are executed. Providing for minor children or a spouse to be taken care of in the future is also possible through estate planning. In addition, a plan can include preferences regarding end-of-life care and treatment. Plans are essential because wishes are not enforceable unless they are made in writing and are executed properly.
Developing a detailed estate plan not only helps with preserving assets but also can help loved ones and provide a peace of mind. The most ideal time to create one is now. An attorney in the state of Texas can offer estate planning help to ensure that one’s wishes and goals are addressed in a comprehensive plan.
Source: walkermn.com, “Why is now a good time to complete your estate plan?“, Laura J. Hansen, March 22, 2017