It's not easy to think about things that could happen in the future, and for this reason, it's common to delay the process of getting certain plans in place. Estate planning may seem unnecessary for those who are young, in good health and/or with moderate assets, but it is actually a beneficial step for everyone. For this reason, all Texas adults may want to use the start of a new year as an opportunity to craft a plan that suits their needs.
Still possible to make estate planning resolutions for 2020
Stepparent handling estate administration may concern children
When a loved one does not make end-of-life preparations, it is easy for issues to come about among the surviving family. Some family members may realize that there is a chance for problems before their loved one's passing, but due to mental decline or other issues, the person is unable to create an estate plan. As a result, Texas families may be left to find the best way to handle estate administration and any resulting conflict.
Long-term care planning should include durable power of attorney
Making decisions for oneself is important for one's own sense of personal autonomy, but unfortunately it is not always possible. This is why long-term care plans should always include durable powers of attorney. Although some people in Texas might feel hesitant about giving giving others the right to make medical decisions, failing to do so could lead to undesirable outcomes.
New law could affect IRA inheritance
Most people in Texas and across the country spend a large part of their lives planning for their retirement. In an ideal situation, a person has more than enough to provide support throughout his or her retirement with perhaps even some leftover to leave to beneficiaries. However, some professionals warn that the recently passed Secure Act could have a significant impact on those anticipating an IRA inheritance.
