In the event of incapacitation, you want to know that there is someone who can step in to manage your finances. Furthermore, you want to know that the court won't make this decision on your behalf.
Posts tagged "estate planning"
You've created a will, you're happy with the terms and conditions, and you hope that you can keep it the same for the rest of your life. However, you shouldn't assume that this will happen, as it may be necessary to make some changes as the years go by.
There is no denying the fact that there is a lot of gray areas associated with estate planning. Even if you have a good working knowledge of estate planning, your legal rights and federal and state laws, you could still make a mistake that costs you and/or your family.
As challenging as it may be, it's satisfying to create an estate plan that you can trust. Not only does it ease your mind and reduce tension, but it's sure to do the same for your loved ones.
As your parents age, it's critical that you help them with a variety of tasks related to their finances and health. In many cases, this leads you to discuss topics that fit under the estate planning umbrella.
You're perfectly within your rights to keep all your estate planning matters to yourself. You don't have to share your estate plan with anyone, even those who are closest to you. However, there may come a point when you realize the benefits of discussing estate planning with your adult children.
You create an estate plan with the idea that it will be 100 percent perfect. And while this may be your intention, there is no guarantee of it happening. It's easy to make mistakes along the way, especially if you don't seek the appropriate assistance.
The estate planning process is complicated, as you're sure to have a variety of concerns weighing you down. Fortunately, with so many tools at your disposal, you should be able to find one that suits your situation.
There are different ways that people in Texas can leave their property to their loved ones after they pass away. One is by simply allowing their property to pass according to the intestate laws. However, people can also dictate where their property goes by drafting a will or a trust. Both allow people to specifically state who receives their property, but trusts have the added benefits of keeping people's estates from going through probate.
Many people in Texas have wills or trusts drafted during their lives to help ensure their property goes to the people they want after they die. Throughout people's lives, circumstances change, and life may be very different than when people originally drafted their will or trust. One way that people's lives may have changed is that they may have gotten divorced.