Estate planning can be critical for those facing a gradually increasing medical disability. That was the unfortunate situation for a Texas couple in their early seventies. The husband had been in the early stages of Alzheimer’s disease for several years, which gave them time to make sure that they updated and maximized necessary estate planning protections.
In Texas and elsewhere, single and childless individuals may have considerable wealth yet be perplexed how to distribute it during and after death. There are 17 million unmarried Americans over age 65. Additionally, young people who amass relatively high wealth prior to marriage or having children are more prominent than before. This puts a lot of people in the same category: they need to have an estate plan so that the state does not administer and take their assets arbitrarily after their death. An orderly estate administration should be set in place for one’s appointed executor to distribute assets according to the decedent’s wishes.