Estate planning important to everyone

| Mar 21, 2019 | Estate Planning |

At a certain stage in their lives, Texas residents and others around the country begin thinking of their retirement years and even to the time when they will no longer be around. If they begin the estate planning process, decisions have to be made about who will inherit their assets or, perhaps, who will care for them when they become unable to do so themselves. For individuals who are married or have children, these answers may be more apparent. However, there are many people who are unmarried with no children. Experts contend that having an estate plan is no less crucial for this demographic group.

It is crucial to name a power of attorney as well as someone who will make decisions regarding health care should someone become incapacitated. Knowing a familiar person will deal with issues regarding finances and medical decisions is more comforting than having the court appoint someone. Another important step in the estate plan is creating a will. Advisers recommend that a executor be named to handle the affairs of the estate.

A revocable trust may be an advantageous option to consider. While a person is living, he or she should be listed as the primary beneficiary. Those with significant others may choose to name them as beneficiaries so that they will receive income or other assets. There may also be extended family members to include in the trust. If they are minors, decisions must be made about naming a trustee to manage the funds and determining at what age should the beneficiaries receive money.

Regardless of marital status, estate planning is a vital process to undertake. A Texas attorney familiar with estate administration can guide individuals through the planning process. An experienced lawyer will help clients achieve peace of mind by developing a plan that is tailored to meet their specific needs.