Some people hold the incorrect notion that they do not need an estate plan. They may think that they do not have enough assets to need a plan or that they do not even have an estate. However, every Texas resident has an estate, no matter how small, and could benefit from estate planning to ensure that their affairs are in order.
A person’s estate can consist of various assets. Some common assets include funds in banking and savings accounts, retirement funds, real estate, life insurance, cars, jewelry and personal items. If a person would like to ensure that his or her assets are handled in a specific way, it is necessary to create a will and possibly other estate planning documents. If there are no documents in place, state law will dictate who gets what.
Of course, an estate plan can address matters other than just assets. For example, parents who want to appoint a guardian for minor children can do so in their will. Additionally, parties can leave instructions for funeral arrangements or even how they want end-of-life care handled. All of which could prove immensely useful to loved ones.
Though the idea of estate planning can seem difficult, the process is often worthwhile. Texas residents can better ensure that their wishes are known and bring some peace of mind for themselves and their families. If individuals are ready to get started on the process, they may want to contact experienced attorneys who can explain available options and ways to create the most fitting plan.