Planning for the future is a process that involves deeply personal decisions and motivations that are unique to that individual. Each estate plan is different, and each Texas adult will need specific types of tools in order to have the right amount of protection. In some cases, a will is sufficient to meet one’s current needs, but it is likely one will need to take additional steps in order to have a complete estate plan.
More estate planning tools
A will is a smart first step in the estate planning process. This document allows one to determine what will happen with personal possessions after passing. It will outline a person’s preferences regarding the distribution of wealth and money after death, and it can also name a guardian for any minor children. A will is a good place to start, but other protections are likely necessary
In addition to the protections provided by a will, it may also be helpful to have other estate planning documents. For example, a living will and a health care power of attorney will allow one to specify health care preferences in case of incapacitation. A trust is another useful tool, allowing one to set aside and protect wealth for a specific future purpose.
The right plans
Creating an estate plan is best done with the assistance and support of an experienced attorney. An assessment of the individual case will help one understand how to make a plan that will be most beneficial for his or her situation. This may include creating a will, drafting new estate planning documents or adjust existing estate plans.