Seguin Estate Planning Law Blog

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.

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.

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.

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.