As the new year gets underway, many Texas residents may have an interest in getting certain affairs in order. In particular, individuals may want to go over their financial and estate planning goals and determine whether their current plans still suit those goals. Making adjustments now could save confusion and difficulty in the future.
Because 2020 is also an election year, it may be particularly important to go over current plans. Elections can often bring about changes to tax laws and other laws, and if parties have concerns about their assets, they may want to ensure that they have implemented planning tools that can help them protect those assets. Though the election is still months away, it is wise to get planning early to avoid an end-of-year scramble.
In some cases, individuals may want to create trusts to protect their assets, but it is important to remember that those trusts must be funded. Far too many individuals choose to create trust accounts while estate planning, but later, they forget to transfer assets into those accounts. As a result, the assets are not protected, and the trusts are essentially useless.
Estate planning can depend on a number of outside factors, which is why is it important to go over plans every few years. Having a plan in the first place is a beneficial step, but if individuals forget to fund trusts, do not account for changes in political and legal matters, and other issues, their plans may not be as effective as they had hoped. Fortunately, Texas residents can work with experienced attorneys to draft the best plans for their wishes.