The decision to establish an estate plan is the first step in taking care of loved ones. Once the initial decision has been made, a Texas resident then has a variety of other decisions to make. By working with legal counsel, the individual can determine which estate planning tools are advantageous based upon estate holdings as well as decide who is best to serve as executor of the estate.
Who should serve as executor of the estate?
Living will can be a final gift for loved ones
The majority of Texas residents prefer to make their own decisions. They do not want someone else dictating where they will live, what they will eat or where they will work. Likewise, they do not want someone else dictating what medical care they will receive even if they are unable to verbalize their preference. Yet, without a living will, this is exactly what could happen.
When it comes to inheritance, fair does not always mean equal
In a perfect world, parents remain healthy for an extended period of time, siblings pitch in to take care of their parents, all of the siblings get along with each other and each of the siblings is a responsible individual. In reality, this is not always the case. Thus, as Texas parents are deciding on what inheritance to leave for each of their children, there are a variety of issues that need to be considered.
Why estate planning is necessary regardless of age
Although death is never an easy subject to discuss, it is an inevitable event that will happen to every person. Having a plan in place only makes sense, yet so many Texas residents put it off until it's too late. There's a certain stigma surrounding estate planning, and, to many people, it's something that is only done during retirement age. However, planning for the future should be done sooner rather than later. According to one recent survey, nearly 80 percent of millennials don't even have a will.
