There are numerous reasons for an individual to review his or her estate plan periodically for changes, additions, subtractions or modifications. This is true for residents of Texas as well as those who reside in other states. Estate planning is an exceptionally beneficial legal process. It serves to protect and assure the wishes of the individual, along with maximizing resources and utilizing the options available for effective tax planning.
Texas residents may agree that death planning ranks high on any person’s list of difficult things to do. However, taking care of it as part of one’s estate planning may be the only way to have some degree of control over the end of one’s own life. Such planning may also save an individual’s loved ones from having to make difficult decisions after one’s death. Although it is not an easy discussion to have, one’s preferences in different situations that may occur should be discussed and recorded. Such records should be available to one’s next of kin when drafted, as it could be too late to perform many of the instructions therein if found after one’s death.
In most cases, changes in tax laws have lessened the need to make tax planning the main focus of an estate plan. Other issues have more importance to most people. Regardless of tax planning, there are some basic rules to follow in the estate planning process, whether a person resides in Texas or another state.