When planning to help out one’s family members, a person may be so generous as to ignore some basic needs of his or her own. However, one should not be so generous in gifting to one’s children and grandchildren that it depletes what the person needs to survive in the future. Thus, the estate planning process in Texas or elsewhere should not ignore the elder law planning needs that must be incorporated into any strong and effective plan.
Add elder law care needs to the estate planning equation
Estate planning should prepare for long-term care possibilities
One danger not fully appreciated or planned for by seniors in Texas and elsewhere is the financial ravages that can occur if the individual becomes permanently disabled and in need of long-term care and nursing home care. People may think that their Medicare covers long-term care, but it doesn't. Most people have not prepared by purchasing private long-term care insurance, nor have they engaged in estate planning with an elder law attorney to establish protections for those eventualities.
Developing a will helps surviving family members
When it comes to talking about creating a will, many people in Texas may shy away from the subject and prefer to talk about more lighthearted topics. Putting together a will, however, is essential for making sure that one's earthly possessions are passed on to the right individuals when one dies. It also helps to prevent discord among surviving family members -- discord that can alter family relationships permanently.
Estate planning is important for both small and large estates
Estate planning in Texas is an essential tool to distribute your estate, no matter how large or small, in the way that you want and to the people that you choose. Complications can arise if one does not put estate planning into place. For example, bickering among relatives may occur after death where there is nothing to guide them as to your intentions.
After moving, one should review estate planning documents
When moving from one state to another, it’s wise to have estate planning documents checked for compliance with the new state’s laws. Although most of those estate planning documents should remain effective in a move, it’s nonetheless prudent to have everything reviewed in the context of the procedures and laws in the new state. The old saying, “When in Rome do as the Romans do,” may actually make some sense in this situation. Therefore, if the move is to Texas, it’s recommended to find out how it’s done here.
Personal representative must access decedent's digital assets
In Texas and all other states, the extensive use of online services by the average person has led to a need for the estate of a deceased person to be able to access that person’s online digital assets. That need has given birth to organizations concerned with addressing the issue. Just recently, a lawyers’ commission completed and introduced the Uniform Fiduciary Access to Digital Assets Act. When a person dies and probate is forthcoming, the passage of this or similar legislation will provide a framework to guide the estate’s personal representative with respect to the decedent’s digital assets.
