Unbelievably, it has been revealed that the musician Prince had no will at the time of his death. That is considered to be a major mistake by experts in Texas and elsewhere with respect to good estate planning principles. In fact, it is one of the four big mistakes of estate planning, according to some experts, and it demonstrates in this case that celebrities are as prone to procrastination as the rest of us.
Many people throughout the country and in Texas have a sense of immortality that defies logic and reality. They believe, for example, that they will not become so disabled or unable to care for themselves at any time in the future such that they will need outside help or institutional care. When considering the expensive cost of long-term care, many people rationalize away the need for long-term care planning.
Traditional estate planning in Texas has not yet caught up with the intricacies of the digital assets that most people are at least beginning to amass. These assets can include but are not limited to such things as PayPal accounts, bank accounts, intellectual property (such as blogs, e-books, poetry and other works of art), along with domain names and other electronic compilations. The best estate planning strategy to keep up with the growing list of assets that one may want to dispose of properly at death is to first of all prepare a thorough inventory of the items.
A trend for estate planners in Texas and elsewhere is to include long-term care planning as one of the initial funding tasks in the estate plan. Because people are now living significantly longer than in the past, the estate planning attorney must factor long-term care provisions into the estate plan. This may impact on how much can be bequeathed in one's will to the beneficiaries. Knowing in advance how this will be handled is better than being 80 years old, in declining health, and facing imminent nursing home care with no plans in place.