Some of the most important things to do are also the most difficult. Estate planning is one of those important things, but many in Texas find it too difficult. It may be because they do not know where to begin or because they cannot bring themselves to think about their own mortality. Often, however, they change their minds when they understand the critical benefits of estate planning for themselves and their loved ones.
While retirement planning generally focuses on one’s own future, estate planning is more often about the future of loved ones. An estate plan can carefully prepare and protect assets so that those left behind after the planner dies will have what they need to carry on. However, certain estate planning tools can also offer protection for the planner, such as powers of attorney and advance directives.
Do I really need an estate plan?
Estate planning is not only for those who are wealthy. In fact, anyone who owns property, gets married, has children or obtains any type of asset may benefit from the protections an estate plan can offer. Without such a plan in place, those left behind may have to rely on the courts to determine the fate of one’s estate.
An estate plan often starts with a will and a power of attorney. However, as life moves forward, those with plans in place often find it helpful to review and revise their documents, perhaps adding trusts or other tools as appropriate. Texas residents may have questions about something so complex, and it is wise to seek advice from a skilled and experienced estate planning professional.