Seguin Estate Planning Law Blog

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.

Many Texas residents believe that they have all the time in the world to complete certain tasks. While that may seem true, it is not always a reality. Because unexpected events can happen at any moment, individuals may want to consider estate planning sooner rather than later.

Less than 50% of Americans have estate plans in place, which leaves a substantial number of people in a precarious situation. Without any type of estate planning documents in place, the guardianship of minor children will be up to the court in the event that both parents pass away. Because most parents do not want to put that important detail up to chance, it is wise to create wills to appoint their desired guardians. However, only 36% of parents with kids under 18 have created wills.

Needing long-term care can be a difficult situation to consider. However, even if Texas residents want to believe that they will never end up incapacitated or needing extended care for another reason, it happens to numerous individuals. As a result, it is wise to take steps to plan for care before the need is imminent.

One planning option that many people consider is Medicaid planning. Medicaid can offer financial assistance to qualifying individuals that may help lessen the burden that the costs of long-term care can present. Of course, there are eligibility requirements that must be met in order to obtain this benefit. Namely, a person's income and assets must not exceed a certain amount, which is where planning ahead can help.