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Seguin Estate Planning Law Blog

Even a simple will could benefit from periodic updates

Taking the time to create an estate plan is often a worthwhile action. Even a simple will can help surviving loved ones through the probate process and in handling other important tasks associated with the passing of a family member. However, Texas residents will certainly want to ensure that their documents do not hold any outdated information.

As part of a will, individuals can name beneficiaries to receive assets, an executor to handle probate and make other appointments. While naming these parties can make a will stronger, issues could arise if the information becomes outdated. For instance, if any of the appointed or designated people pass away or become incapacitated, new appointments may need to be made. Otherwise, an estate plan may not be as helpful as desired.

Estate planning can address most any personal affair

Creating an estate plan is a very personal experience, and it is also an experience that every Texas adult should undertake. Because estate planning tools can be used in order to address a great number of life aspects and be tailored to individuals' specific needs, it does not matter whether a person has a considerable number of assets or just a few sentimental items. An estate plan can go far beyond asset distribution.

Of course, the distribution of property after death remains a considerable concern for most people. As a result, they may want to ensure that they create a will to detail how they want their property distributed, no matter how extensive. Additionally, wills can also have other uses, such as for naming guardians for children.

Kim Kardashian addresses hair, makeup in living will

Thinking about the possibility of needing care due to incapacitation can hit many Texas residents differently. Some individuals may want to avoid thinking about this type of scenario at all, and others may prefer to plan every detail of their possible care. Whatever the case, at least considering the creation of a living will may be beneficial.

When it comes to planning style, Kim Kardashian apparently falls into the latter category of wanting to have even minute details planned. Many people had wondered whether certain information regarding the reality star's estate plans were true. In particular, rumors spread that she had specified how her appearance should be taken care of in the event of her incapacitation and inability to communicate her wants and needs.

Dealing with parent's debt during probate may cause confusion

The death of a parent can have a major impact on surviving children of any age. While emotional struggles can impact those of any age, adult children may also have other responsibilities to attend to when it comes to closing their parents' estates. While working through the Texas probate process, they may find themselves concerned over their parents' remaining debts.

Dealing with the debt of another person can be complex. Some creditors looking for their money may not make the most honest statements in regard to those outstanding balances. Because they often just want to receive what is owed to them, they may try to convince children of the deceased that they are responsible for paying those remaining debts or have some moral obligation to do so. However that is typically not the case.

Estate planning could help Texas residents protect assets

It may come as a surprise to many Texas residents that they do not understand their estates as well as they think. There are many aspects that go into making up an estate, and if individuals do not fully understand these different factors, they may end up making a mistake when it comes time to consider inheritances and bequests. Luckily, estate planning could give parties the opportunity to learn more about their estates and how to address their specific details in their plans.

Certainly, an person's physical assets make up a considerable portion of their estate. However, debts, insurance policies, retirement funds and numerous other items could also make up an estate. If individuals would like to protect their assets as best as possible in order to have the ability to leave as much behind for their heirs as they can, looking into debts and other financial factors could prove useful as well as could understanding asset protection options.

Understanding estate planning options may benefit Texas residents

As most Texas residents know, getting an entire life's worth of affairs in order can be daunting. However, that is the general idea of what estate planning is. Though it may seem complicated to think about, creating an estate plan can be an immensely beneficial step to take. Of course, having a correct plan could make a substantial difference in how hopeful it truly is.

Because some individuals may think that estate planning is too expensive in terms of obtaining professional help, they may consider do-it-yourself options. While many online programs and other options for taking this type of approach exists, it may not be the wisest method. Without the proper knowledge and assistance, a person could easily make significant mistakes with a plan.

Long-term care planning may help get affairs in order

As Texas residents consider their plans for the future, they may think about job changes, vacations, marriage or other events. However, individuals may also want to plan for incidents that come about far later in life, such as the need for extended care after retirement. Long-term care planning could help parties look at the potential care that may be needed and how to pay for it.

Some people may think that they do not need to make such considerations because they have been healthy for most of their lives. However, any type of sudden illness or injury could result in a person needing long-term care. Additionally, approximately seven out of 10 individuals who have reached the age of 65 or older end up needing some sort of long-term care.

Estate planning benefits can start before death

It is not unusual for some Texas residents to feel hesitant when it comes to considering their end-of-life wishes. Whether it is because they prefer to live in the moment or because they do not want to think about their eventual demise, avoiding the topic of estate planning may not be wise. Without useful documents in place, individuals could place themselves and their families in difficult positions.

Estate plans can offer many benefits, and a person does not have to die in order for those benefits to show themselves. For example, certain documents included in a plan could indicate who should make financial and health care-related decisions for a person should he or she become incapacitated. With the various planning tools available, parties could make their wishes known in as detailed a manner as desired.

Probate does not have to be an intimidating process

Many life events can sometimes come marked with a legal process. When Texas residents experience the death of a loved one, that person's estate may need to go through the legal process known as probate. Though this procedure is relatively common, many people may not understand why it is necessary or what occurs during the proceedings.

With probate, a deceased person's will is validated by the court, if a will exists. After validation occurs, many steps must be taken to properly close the estate. One of the biggest concerns during this time is property distribution. Assets that did not have a direct beneficiary or pay-on-death designation will likely need to go through probate. These items are known as probate assets and are often distributed by the terms of the will.

Power of attorney appointment may bolster long-term care planning

Texas residents need various amounts of care throughout their lives. As individuals reach their elderly years, the need for care may become as important as it was when they were young children. However, receiving care as an adult can often prove more difficult and expensive. Luckily, long\-term care planning could help get financial affairs in order as well as appoint trusted individuals to important decision-making positions.

Power of attorney agents are often an important part of long-term care planning. Appointing an individual or individuals to make medical and financial decisions in the event of incapacitation could help parties feel more at ease. Additionally, planning ahead could help an appointed care agent feel more comfortable with her or her role as well.

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