It is understandable for individuals in Texas to want to avoid talking about end-of-life matters. However, discussions about these issues are important since medical advances today are making it possible for people to prolong their lives more than ever before. With estate planning documents known as living wills, people can ensure that things happen according to their wishes at the end of their lives.
Posts tagged "estate planning"
People in Texas and other states often focus on increasing their financial wellness but neglect one important area: developing an estate plan. The estate planning process is not the same for everybody, as people are in different family and financial situations. However, it is critical for people of all ages, health statuses and wealth levels.
For some individuals in Texas, the thought of developing an estate plan is emotional and stressful. It brings up fears about discussing subjects that people naturally find uncomfortable, such as disability and death. However, estate planning is a necessary process for protecting one's assets and wishes in the event of death or incapacitation in the future.
Some people in Texas think they do not need estate plans until they have accumulated more wealth. Others believe that estate plans are unnecessary until they have had children. In reality, people in Texas can benefit from estate planning at all stages of life and at all income levels.
Children who are 18 or older are legally viewed as adults in Texas and other states, which means their parents do not have the same rights regarding their children that they used to have. This can pose challenges for the parents, especially when it comes to the children's finances. However, estate planning might help parents of young adult children remain involved in their children's financial lives, whether they have entered the workforce or are attending college.
The most recent U.S. census, which includes Texas, indicates that just 26 percent of households in America are comprised of married couples with children. Unmarried couples have unique monetary needs, which means they also have unique estate planning needs. A few tips may help these individuals to create estate plans that effectively address the issues pertinent to them.
Completing and implementing an estate plan is just the first step when trying to plan for death or incapacitation in the future. The second important step of estate planning in Texas is to thoroughly review it. Conducting a review is wise about every five years.
The thought of dying is uncomfortable for many individuals in Texas, which is why making plans for one's estate is often placed on the back burner of people's priorities. However, estate planning is necessary to protect one's assets when one dies. It also helps to prevent infighting among family members after one's death.
Money often brings out the negative sides of people, particularly when the valuable estate of a deceased loved one is involved. Unfortunately, the emotions, time and money that surviving loved ones invest in contesting a Texas will might actually cost more than the legal document itself. At the end, not much of the estate may be left to distribute, all while family relationships are utterly destroyed. Estate planning helps to prevent family conflict and is an important task to complete while the the opportunity to do so exists.
Many individuals in Texas and other states are making the mistake of overlooking their assets simply because they do not think they have any. In reality, estate planning is important for all individuals no matter how few or many assets they have. Even a young child who has a custodial account has an estate. Likewise, a teenage girl who has received a piece of jewelry from her grandmother has an estate.