In one’s financial affairs and in life, there are two basic ways of doing things: organized and disorganized. Being organized in Texas and elsewhere is a good thing that results generally in success, whereas doing things in a disorganized manner, or not doing them at all, can cause financial and personal disarray. With respect to estate planning, an individual definitely wants to be organized to avoid disaster and to leave one’s family and loved ones with smooth sailing after his or her death.
There are many reasons to organize one’s affairs and to establish an estate plan. One of the most important is to have the peace of mind of knowing that your heirs will be taken care of according to your wishes and not according to the dictates of state law. If the estate plan is fully prepared, your heirs will not have to spend inordinate amounts of money and time to retain experts and attorneys to straighten out the results of a person’s unplanned estate.
This can happen prior to death if a person does not have a durable power of attorney. When one becomes incapacitated, the durable power of attorney kicks in to authorize the designated agent to sign the incapacitated person’s name and to generally conduct business on his or her behalf. This procedure prevents the need usually to appoint a guardian and saves the estate significant funds and time.
In the same manner, providing for one’s heirs by constructing the appropriate documents during life will save substantial sums of money and will assure one’s control over the assets after death. Further, a person can do estate planning in cooperation with an estate planning attorney in Texas to set it up so that probate is essentially avoided. This can be done by a combination of living revocable trusts, designated beneficiaries on life insurance and other accounts, and the titling of property with the right of survivorship, in appropriate instances.
Source: tcpalm.com, “Everyday estate planning: Having a solid plan sets mind at ease“, Robert Schwartz, May 16, 2017