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November 2014 Archives

Estate planning assures one's wishes for asset distribution

In Texas and elsewhere, estate planning gives a person the ability to designate the details of how his or her assets will be distributed, both during life and after the person's death. If estate planning is not implemented during the person's lifetime, then the laws of the state of residence will govern the details of distribution. The state intestate statutes will specify the persons to whom distribution is to be made and the percentages due to each category of statutory heirs.

Carefully choose the agents named in estate planning documents

Whether you reside in Texas or elsewhere, the legal documents that are prepared for estate planning usually require designating your representative, who will administer the duties set forth in each particular legal directive. Thus, a will requires an executor, and a power of attorney requires the appointment of your agent who will exercise the power. A trust requires a trustee to administer the funds. However, for some people the choice of representatives in estate planning can be somewhat problematic.

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