While you cannot control the future, you can still take steps that will allow you to have a measure of control over certain issues you could face in the years ahead. You can also take steps that will allow you to create plans that will outline what happens to your personal property in the event of your death. Having an estate plan is important for every Texas adult, regardless of age, income level and health status.
Every estate is different, which means that the details of each individual estate plan will be unique to the individual estate. You can create a strategy that allows you to accomplish specific goals that you may have for your medical care, wealth and personal assets. Although the details of your estate plan will be specific to you, many estate plans contain the same basic elements. If you do not currently have a plan, you will benefit from moving forward with this process as soon as possible.
A strategy that provides confidence
With a carefully crafted estate plan in place, you can feel confident about your future interests. Most estate plans begin with a will, which is a document that outlines what will happen to personal property after passing. In your will, you can also name someone to act as a guardian for minor children in the event of your death. Steps to creating your estate plan can include the following:
- Start by creating an inventory of your estate, including your personal assets, real estate, valuables and more.
- Consider the needs of your family that will play a role in the decisions you make.
- Create health care and financial directives that will be important in the event of your incapacitation.
- Review the beneficiaries on all your accounts, including your life insurance policies.
- Review state tax laws to ensure that you or your beneficiaries do not receive expensive and unexpected penalties.
When you create an estate plan, you are making important decisions that could impact your future and the futures of your loved ones. It may be helpful to have knowledgeable guidance as you make these choices.
Confidence and peace of mind
As you are creating an estate plan, you will benefit from focusing on making decisions that will make the most sense for your future. Life is unpredictable and continues to change, and it is important to regularly review your estate plans on occasion, making changes that are better suited to your current circumstances. With the right plans in place, you can face the future with confidence.