Livens & Reed, PLLC

Still possible to make estate planning resolutions for 2020

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. 

One recent poll found that as many as three in five people do not have estate plans. When a person dies without a will, state laws will determine what happens to his or her estate. This can make things especially frustrating for loved ones and heirs left behind. A basic first step in the estate planning process is to simply think about goals for the future and what fears may be holding someone back from drafting documents and discussing these things with family members.

Before planning, it may also be helpful to make a list of all assets, particularly since many individuals have a larger estate than they realize. The more thorough an estate plan is, the less likely it will be that complications will arise when it's time to settle everything and distribute assets. Some people may find it necessary to also speak with a financial planner when addressing these topics.

Estate planning is different for every Texas adult. It's possible to tailor a plan to suit unique needs and objectives. Over time as life circumstances change, it is also necessary to update and adjust plans. It's typically beneficial to discuss these issues with an experienced attorney. 

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Livens & Reed, PLLC

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