There are many reasons why an estate plan in Texas might include the use of living revocable trusts. Such living trusts give the grantor the opportunity to distribute assets while alive and to fashion trusts in the shape and manner desired to provide for one's heirs. Because they are revocable, the grantor retains control over the assets should changes be desired.
Estate planning can benefit by the use of living trusts
Celebrities make mistakes in their estate planning provisions
Mistakes in the estate plans of recently deceased celebrities can be useful learning examples for residents of Texas or elsewhere. For example, a living trust is attractive to celebrities and many people because the terms remain private: it does not go through the public probate process at death. However, a seemingly unimportant estate planning mishap can defeat one of its major goals.
Elderly planning includes choices of agents and caregivers
Residents of Texas and elsewhere may sometimes have difficulty deciding which children or loved ones to designate to handle one's individual estate planning and long-term care needs. While one's spouse is the natural first choice, it may turn out that the spouse passes away first and leaves a void in the documents, unless you have alternative choices included in them. Therefore, it's generally advisable to discuss these questions with your children and to make mutually understood elderly planning decisions prior to drawing up the documents.
Living will provides security for final healthcare decisions
Estate planning in Texas includes the area of making medical decisions for your loved one in the event of incapacity. Advanced directives are used to provide guidance for medical decisions after incapacitation and the inability of the loved to communicate his or her own wishes. One commonly used directive is the living will. It's important to remember that this and other directives should be discussed with the loved one while still alert and communicative so as to assure his or her wishes are carried out.
