Planning for the future is a deeply personal process, and many aspects of creating a long-term strategy involves deciding what one wants to happen in the event of death or incapacitation. In many ways, creating an estate plan is planning for contingencies, but it also allows one to accomplish much more than that. A complete estate plan allows one to also have control over his or her Texas estate, care for loved ones and feel confident about the future.
Start at the beginning
In many cases, the creation of an estate plan begins with drafting a will. This is a document that outlines one’s preferences for the distribution of his or her assets after death, but it also allows one to make decisions regarding the care of a pet, guardianship of minor children and more. While a will is often the best place to start, it is not necessarily the only thing one needs in his or her plan.
An estate plan may also benefit from other types of documents, including powers of attorney and other types of advanced directives. Depending on one’s goals for his or her assets, it may be beneficial to establish a trust. Each person will have different estate planning needs and objectives.
The ideal estate plan
There is no single estate planning approach that will work for every person. Each individual should make decisions based on his or her unique situation, goals and plans for the future. Before creating an estate plan, it may be helpful to speak with an experienced Texas attorney regarding options and strategies.
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