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Combating misplaced beliefs about estate planning

Even the most vigilant Texans who make certain every area of their lives are well-organized might forget about estate planning. There are many reasons why this might be the case, but it is always a mistake. Having an estate plan that suits the individual needs is not just beneficial to loved ones; it can make certain that all the areas of one's life are covered for all eventualities, foreseen and unforeseen. With estate planning, there are several reasons that are often presented as to why people fail to take these steps. Knowing them and avoiding them is key.

Many might believe that wills determine how assets like bank accounts, real estate and motor vehicles are distributed. This is partially true, but there are limitations. The assets must be in the testator's name for there to be full control. If there are joint accounts or accounts that already have beneficiaries on them, there is no controlling power. Even after the assets have been organized, that is not the end of the process. Health concerns and mental factors should be calculated. A living will includes the medical care that will be provided. Also, a health care proxy or durable power of attorney allows another person to make decisions in the testator's stead if the testator is unable to do so.

Some might think an estate plan can wait until a certain age. People who have just started their "adult" lives can use an estate plan just as much as an older person. This is especially true for a person who has a family with young children. Often, people believe that the estate plan is unchangeable once it is completed. This is untrue. As life changes take place, the estate plan can be adjusted to account for divorces, the death of a person who was named, financial fluctuations and more.

Some might be under the impression that estate plans are too complex. This idea is wrong, but that is why an experienced legal professional is needed to explain and assist. To fully understand the importance and technicalities of estate planning, contact an attorney.

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