Responsible Texans will take the imperative steps to craft their estate plan to adhere to their desires and loved ones' needs. Many will think that they have done what is necessary to ensure their plan is airtight and covers all eventualities by having a basic will. However, mistakes are common when drafting estate planning documents. In many cases, the person will use the wrong estate planning vehicle to suit their needs. In others, they will not go as far as they should by stopping at a simple will without considering the possibility that other steps should be taken. Knowing when to go beyond a will is imperative with any comprehensive estate plan.
February 2018 Archives
Drafting estate planning documents in Texas should be comprehensive and adhere to all the needs and desires the person has. For some, a health proxy is one of the key factors they will think about as they formulate strategies for their estate plan. Understanding all the various aspects and requirements for a medical power of attorney is one of the most important factors for it being complete and achieving the desired ends.
Texans who are drafting estate planning documents should pay close attention to changes in laws that come about with every governmental power shift. Such is the case with the Trump Administration and its changes to federal tax laws. With it, the amount that people can pass on to heirs doubled without the need to think about the estate tax or to use various trusts to shield wealth.
You may take pride in choosing to prepare for situations that are possible, even if you do not know whether they may actually come to fruition. Feeling prepared and having a plan may allow you to feel less stress in your life, especially when those plans prevent your loved ones from finding themselves in a difficult predicament. When it comes to knowing your end-of-life wishes, you may want to ensure that your loved ones have the information they need.
Residents who are taking the necessary steps to protect themselves and their estates will want to know all the different tools that can be used under estate planning laws. One is a durable power of attorney. With a durable power of attorney, there will be another person (an agent) who is granted the power to make decisions on behalf of the person (the principal), when the principal is unable to do so. This can involve health care and end of life care, among others.
One of the most common concerns for Texans when they think about the future and with drafting estate planning documents is if they have a loved one who will need to be cared for after they are gone. Statistics show than there are more than 40 million people across the nation who had a disability in 2016.