Thinking about the future when one will no longer be around is not often a pleasant activity for most Texas residents. However, planning for the future is necessary if one wants to ensure that family members are protected. It is critical that those decisions can be made while a person still has the capacity to do so. Yet, many individuals avoid the estate planning process, even while recognizing its importance. Experts want to put some common misconceptions aside to emphasize the need to have a comprehensive estate plan.
Often, people don’t see the need for an estate plan because they are not wealthy. However, regardless of the amount of savings or size of the property, it is likely that someone would want to pass that along to a specific person. Having a will that designates who should receive one’s assets is a basic component of an estate plan. The will can also contain information about guardianship for minor children or specify preferences about final wishes.
When a plan is put in place, it is important to review and update it regularly, even if no major life events have occurred. The fact is, laws can change over time that could greatly impact one’s financial status. In addition, as people grow older, those designated as executors or guardians may need to be changed. Another common mistake if assuming that a will alone is sufficient in handling all asset distribution. Yet, there are specific accounts, such as retirement funds or life insurance policies, that use specific beneficiary designation to distribute the proceeds.
A Texas attorney familiar with estate planning administration can help someone with this process. There is a wealth of information available that can be overwhelming and a knowledgeable lawyer can help individuals sort through all of that. Having an plan in place will offer peace of mind that one’s estate will be handled specifically as desired.