Seguin Estate Planning Law Blog

It is common for people to have fears about getting older. They may worry that they will never achieve certain dreams or that they will find themselves with ill health. Unfortunately, diseases like Alzheimer's affect numerous people in Texas and across the country, and when a person receives such a diagnosis, it makes sense to consider elder law planning. 

Often, individuals with Alzheimer's disease need care beyond what a family member could provide. As a result, it is important that individuals put plans in place to address possible care. If they still have most of their cognitive abilities, parties could make plans themselves that include an advance directive that would allow them to indicate what type of care they would want to receive in a certain situation, particularly if the scenario seems terminal.

Settling a recently deceased individual's final affairs can be a difficult job for the executor of the Texas estate. Though the executor has many obligations to address during probate, other loved ones may simply be concerned with when he or she will distribute property from the remaining estate. Though this action does take place during probate proceedings, some accounts do not have to go through the process in order to be distributed.

Transfer on death accounts allow for the assets in such accounts to transfer directly to a named beneficiary after the account holder's death. This type of transfer is often appealing to individuals who do not want their assets to remain in probate for months or for their loved ones to have to wait that long to receive their bequests. Of course, not all accounts or property qualify as TOD.

When starting an estate plan, many people think they should immediately think of who should get what. While making designations for property distribution is certainly important, Texas residents first need to know exactly what assets they have. As a result, it may be wise to start an inventory as they being estate planning.

An inventory of assets can include items that a person has inside and outside his or her home. Typically, small personal items, like handmade gifts from grandchildren, do not necessarily need to be in the inventory, but if assets are valued at at least $100, it is wise to list them. Some examples of such items could include jewelry, electronic devices, art, antiques, cars and even the home itself. It is also important not to forget any assets that may reside outside the state, such as vacation homes.

The idea of creating an estate plan can leave many Texas residents feeling overwhelmed. Though they may have ideas about how they would like to distribute their remaining assets and ideas relating to other estate planning matters, they may worry about how their family dynamics will affect how well those plans are carried out. It is true that family relationships can cause difficulties during probate, but individuals could take steps to reduce the potential for conflict.

One worry that some parties may have is that their heirs will irresponsibly spend their inheritances. Some loved ones may suffer from substance abuse issues, mental health problems or other factors that could make them less likely to have responsible control over large sums of money. Fortunately, individuals could create trusts in order to stagger payments to heirs or that could stipulate that the assets can only be used or accessed under certain stipulations.