Seguin Estate Planning Law Blog

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.

Most people save photos, videos, important documents and other items in digital form without thinking about it. In fact, it may seem more unusual to actually have physical photos printed than to just post digital copies on social media. While this may seem convenient now, these digital assets could cause complications later if Texas residents do not account for them while estate planning.

A considerable part of many people's lives takes place online these days. As a result, it is easy to forget all of the accounts created and what they are used for. Because of this, it is a smart move to list all of the online accounts and devices that use those accounts. Once individuals know what they need to address, they may be more easily able to indicate how they want those digital assets handled. Some examples to remember include email accounts, social media accounts, gaming accounts, storage and filing sharing, shopping accounts, and more.

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.