People typically prefer to avoid discussing difficult topics, such as death and creating a will. However, wills are essential for protecting family members in the event of one’s death. With a will, a person can make sure that his or her minor kids will be cared for and that loved ones get the assets he or she wants them to have. Several mistakes are important to avoid as far as estate planning is concerned in Texas.
First, it’s worth noting that developing an estate plan isn’t meant just for those who are wealthy. It’s really for any person who is 18 years or older, no matter what the person’s net worth. Estate planning essentially provides people with control of their life and helps to drastically decrease the burden on loved ones.
Not only does estate planning involve putting together a will and determining the right guardian for surviving kids, but it can also entail preplanning funeral-related arrangements. If directions aren’t clearly stated on these matters, the power to decide these important concerns could end up in the state’s hands. In addition, it’s important to address digital assets in an estate plan — for example, provisions may be made for social media accounts or even allowing Facebook timelines to be memorialized.
Nearly 60 percent of people in America have put off creating an estate plan. It’s important to start the process early because death can strike at any time and at any age. With proper legal guidance, people can produce carefully thought out wills and enjoy the peace of mind that comes with doing this in Texas.
Source: Forbes, “7 Common Estate-Planning Blunders Not To Make“, Sheryl Nance-Nash, Sept. 15, 2014