An estate plan under Texas law is a way of designating how one's assets may be distributed at death. Estate planning also takes into account uses of those assets during life and provides for a smooth transition if the owner of the assets becomes incapacitated and unable to take care of his or her own financial affairs while still alive. One of the most important considerations of an estate plan is that it gives the individual the power to direct the disposition of his or her assets as the person desires and not as state law would dictate it.
Estate planning can even provide funding that begins in the benefactor's lifetime, in the form of a living trust. The trust provisions may direct the use of the funds until the donor's death, at which time it will be distributed according to the trust terms. An individual can also set up a testamentary trust in his or her will. This trust does not begin until the testator dies.