Planning for the future is not a task only necessary for those with large estates or significant amounts of wealth. Estate planning is an important step for Texas adults of all ages and income levels, and it is helpful for one to know what to expect from this process. These expectations can help one avoid problems along the way and create a strategy that will provide stability and security long-term.
Important steps for everyone
Each estate plan is different, but there are simple steps one can take that allow him or her to have a basic amount of protection and control over his or her assets. Some of these steps include:
- Designate appropriate beneficiaries on certain types of accounts, including investment accounts, real estate and more.
- Create a will that outlines the desired distribution of assets after passing away.
- Draft a health care power of attorney that will designate someone to make important medical decisions in case of incapacitation.
Many Texas adults avoid estate planning because they believe it is either too expensive or unnecessary for their current circumstances. Planning for the future does not have to be a costly or complicated endeavor.
Seeking appropriate counsel
For many, the estate planning can be daunting. It is helpful to work with an experienced attorney to have the guidance necessary to create the most effective plan for the individual situation. An assessment of one’s estate, objectives for the future and other factors may provide insight into the tools necessary to create a plan that will provide security and peace of mind.