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.
Posts tagged "estate planning"
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.
Estate planning is something that people in Texas, including business people, often put off until they absolutely have to do it. Unfortunately, sometimes they wait until it is too late to do estate planning. For business people, this means a business might not make it to the family's next generation.
The most challenging part of deciding how assets will be distributed following one's death is trying to understand the documentation and terminology related to estate planning. Unfortunately, a lack of understanding can easily cause a person and his or her family to be unprepared in the event of the person's incapacitation or death. A few tips may help people in Texas to complete comprehensive estate planning effectively.
When it comes to juggling all of a person's modern-day responsibilities in Texas, making plans that affect one's final wishes often end up low on the priority list. Part of the reason for this is because people prefer not to discuss the possibility of death. Another reason is that people consider it to be too complicated of a process. With legal guidance, however, people can complete estate planning and also keep their plans updated.