Planning for the future requires each Texas adult to address his or her legal and financial goals for the future. Estate planning is a process that is deeply personal, involving decisions pertaining to one’s money, children, health care decisions and more. Having a will is the basic first step in having a complete estate plan, but most adults will benefit from additional steps.
What’s needed for a complete plan?
Each person has different goals for the future, but most people want to control what happens to their money and property after passing. A will allows one to decide who gets what, and it can also outline plans for the guardianship and care for a minor child. However, there are limits to what a will can do.
Additional estate planning steps are often necessary. This may include drafting a health care power of attorney and living will, two documents that outline medical preferences in case of incapacitation. A financial power of attorney may also be helpful. Establishing a trust can also allow one to set aside and protect wealth for a specific use in the future.
The right plans
Each estate plan is different, and each Texas adult will benefit from the guidance of an experienced estate planning attorney. This support will allow one to make choices that will be beneficial and sustainable well into the future. An assessment of the individual case will allow one to create the best possible estate plan for his or her unique situation and goals.
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