Seguin Estate Planning Law Blog

There are many options for creating an estate plan. However, some people may feel overwhelmed by the many choices and not know whether they need to utilize them. Because each Texas resident's plan is different, the exact documents needed will differ. However, certain estate planning tools can benefit most everyone.

First, individuals may want to consider their wills. A last will and testament can include ways in which individuals want their property distributed, who they want to be their executor and who they want to care for their children if they are still minors. As a result, a will is a good place to start the planning process. However, individuals may want to include another type of will: a living will. This document is an advanced health directive that can give instructions on how to handle end-of-life care, particularly if a person is unable to express those wishes due to incapacitation.

No matter a person's age, he or she likely has some information online or in digital form. Even older people utilize social media as a way to connect with old friends or stay in touch with family, and many have gotten used to conducting financial affairs through online portals. While these factors are relatively commonplace in most people's lives, it is important not to overlook them when estate planning.

If Texas residents are working to get their affairs in order, it is important that they remember to include their digital assets in their plans. If they forget, serious problems could arise for surviving loved ones. Individuals can start by creating an inventory of their digital assets, like online financial accounts, email, photo storage, social media accounts and more. The inventory should include usernames, passwords and other important information for each account.

Many Texas residents may struggle with making plans for tomorrow let alone for the end of their lives. As a result, they may put off estate planning because they do not feel equipped to tackle such an endeavor or may even believe that they do not need a plan. However, there are many reasons that an estate plan can be useful for individuals and their families.

First, any parent of minor children can benefit from having an estate plan. A will is the legal document in which parents can indicate who they want to act as the guardian of their minor children in the event of death or incapacity of the parents. Even if parents are young, having this safeguard in place can be useful because accidents can happen at any time, and they certainly do not want to leave the care of their children up to chance.

As Texas residents age, some may come to realize that their health is not holding up as well as they had hoped. They could develop serious medical conditions or have a disability that makes it likely that they will need long-term care in the future. If this is the case, planning ahead is wise.

Many people may expect Medicare or Medicaid to cover the necessary expenses associated with extended care, but that is not a guarantee. Medicare may cover a short-term stay in a nursing facility for qualifying individuals, but the coverage typically only lasts 20 days before the patient will need to pay a portion of the costs up to 100 days. After 100 days, Medicare will no longer cover any portion of the costs.