Research shows that 34% of people in the United States have estate plans. This means most people in Texas and elsewhere will have to rely on the legal system to handle their estates when they pass away. Unfortunately, the courts may distribute their property differently and more slowly than they would have preferred. Here are a few tips for creating an estate plan to prevent this problem.
Tips for creating an estate plan
An important step in crafting an estate plan is to determine the financial needs of family members. A granddaughter might need money to cover her college costs, or a nephew may need money to cover his mortgage. An estate owner can then outline in the estate plan which assets should go to each party to meet their needs upon the individual’s death.
Estate plans should also include documents for handling medical emergencies and end-of-life matters. Living wills can specify health care treatments that should be considered if the individual later becomes incapacitated. Durable powers of attorney designate groups or individuals who can make medical decisions on their behalf if they are incapacitated.
How an attorney can help
Individuals in Texas may shy away from estate planning because it forces them to come to terms with their mortality. However, creating an estate plan is an essential financial planning step to ensure a person’s assets end up in the proper hands when he or she passes away. An estate planning attorney can help with producing a well-thought-out estate plan tailored to the client’s wishes and the long-term needs of the client’s family.
