Creating an estate plan is a very personal experience, and it is also an experience that every Texas adult should undertake. Because estate planning tools can be used in order to address a great number of life aspects and be tailored to individuals' specific needs, it does not matter whether a person has a considerable number of assets or just a few sentimental items. An estate plan can go far beyond asset distribution.
Of course, the distribution of property after death remains a considerable concern for most people. As a result, they may want to ensure that they create a will to detail how they want their property distributed, no matter how extensive. Additionally, wills can also have other uses, such as for naming guardians for children.
Estate plans can also offer other benefits, like acting as a person's voice in the event that he or she cannot communicate. By creating advance health directives, individuals can clearly indicate ahead of time how they would like certain health care-related situations handled, especially if a condition is considered terminal. The instructions can lessen the likelihood of confusion and uncertainty should parties become suddenly incapacitated.
If Texas residents feel that they are ready to consider their personal affairs more closely, they may want to review their estate planning options. No matter the personal circumstances, there are planning tools that could help parties express their various wishes. In order to gain reliable and applicable information regarding the creation of estate plans, interested parties may wish to consult with knowledgeable attorneys.
Source: investopedia.com, "Estate Planning: Not Just for the Uber Rich", Liz Bernhard, March 29, 2018