Age does not matter when it comes to planning an estate. Nothing is guaranteed in life, and estate planning can help surviving family members to be more at ease when handling affairs. Even for Texas residents who feel that they do not have many assets, having an estate plan can still be crucial.
A 23-year-old man with no children met with an untimely death. He was separated from his wife but failed to have a will in place. Since he had no will and his insurance had not listed a beneficiary, the state took up the matter, leaving his parents with none of his assets. It’s also important for those who have children to have an estate plan and have a serious conversation with family members about issues that could happen in the future.
There are documents that should be included in an estate plan, including a power of attorney. Estate plans should also include a will and a life insurance policy. Life insurance can be a benefit to recipients since it can allow a person to obtain funds in case income is lost. Wills give a person the opportunity to express how they would like their assets to be distributed.
Estate planning allows individuals to pass on their assets to those whom they desire. While a will is an important document, it is also important to be as thorough as possible. It is advisable that these plans are reviewed every few years to accommodate big life changes such as marriage or the birth of a child. It is also advisable to update insurance policies as necessary. When in doubt, it can be beneficial to gain more of an understanding of Texas laws to ensure that these documents are legally viable.
Source: itemonline.com, "Legal Corner: Estate planning for those 40 and under", Sam Moak, June 1, 2014