Many Texas residents and others around the nation likely have a will that determines how their assets will be distributed after they pass away. While having a will is important, it is even more critical to have documents in place that specifies how one's needs will be met should he or she become incapacitated. Financial experts recommend several key documents to include as part of an individual's comprehensive estate planning process.
Avoid estate planning mistakes
Consider potential medical expenses in long-term care planning
Many Texas residents and other adults around the country are looking forward to their retirement years. While several may anticipate the less-structured days when they no longer must go into work, others are waiting for the opportunity to get started on Medicare and reduce their monthly insurance premiums. However, financial experts warn that Medicare does not provide the comprehensive coverage that most seniors need. In fact, those approaching retirement still need to consider long\-term care planning for many services that are not covered, even with a Medigap insurance policy.
Unmarried couples should also consider estate planning
Many couples in Texas and throughout the country are now deciding to live together rather than tie the knot. While many cite financial reasons for cohabitation, others simply have been married before and don't want to do it again. Most couples who live together don't see the need for estate planning, particularly if they don't have children. Industry leaders believe there are benefits for developing estate plans, regardless of marital status.
Long-term care planning essential to ensure wishes are followed
There are not many Texas residents or others around the country who like to think of a time when they may become seriously ill or unable to take care of themselves. While it is common for most people to make plans for their education, families and retirement years, they do not often consider long\-term care planning. Unfortunately, by the time it becomes an issue, it is too late to make the necessary decisions.
