Few Texas parents want to think about how their kids would fare if they lost both parents in an unexpected tragedy. In fact, parents spend so much time organizing and planning every aspect of their beloved children's lives that they often fail to give any consideration to what might happen to those plans in the event of such a loss. Having a solid estate planning package in place is an excellent way to protect against the worst-case scenario. Getting the job done also delivers a sense of relief and satisfaction, which is well worth the time and effort it takes to put one's intentions into writing.
Most Texas residents and others around the nation don't tend to spend a lot of time dwelling on what life will be like when they are no longer around. For those who do consider this scenario, they may begin the estate planning process, primarily to determine how their assets will be distributed among their loved ones. In addition, most individuals typically start the planning process later in life. While asset distribution is a major component of any estate plan, experts recommend that parents of young children start their preparations much earlier to avoid complications later.
Statistics show that over half of Texas residents and others around the country do not have a will. Most experts would assert that a will is typically the most basic document developed when someone begins the estate planning process. However, while an important piece to a comprehensive plan, advisers warn that there are potential concerns to having only a will.
There are numerous issues to address when a couple from Texas or anywhere around the country goes through a divorce. Issues regarding child custody and property division are typically at the forefront of the parting spouses' minds. It is likely that estate planning may not be a topic that automatically arises during divorce proceedings. Yet, the documents included in a person's estate plan should be carefully considered.
Most individuals in Texas or anywhere around the nation avoid thinking about a time in the future when they are no longer around or are unable to take care of themselves. Yet, that is a topic that should be addressed when someone is still able to make decisions about how things should be handled when that time comes. It is important to discuss the issues as part of one's estate planning process.
Statistics from the AARP reveal that almost 60 percent of people from Texas and elsewhere around the country do not have a will in place. Given a will's importance, the omission of one is often considered to be the biggest mistake made in estate planning. However, having just a will alone is likely not enough. It is imperative to routinely review and revise estate planning documents at several crucial times.
Stan Lee, a respected writer and creator of several iconic comic book characters, was revered by many Texas residents and others around the nation and the world. He recently passed away at the age of 95, with reports stating that he left an estate of over $50 million. Unfortunately, it was suspected that his estate had been targeted by some individuals who allegedly wanted control of his finances. As with many senior citizens, Lee's faculties had become impaired over the years. While his estate planning presumably focused on how his assets would be distributed after his passing, little direction was likely given on how to handle his decision-making if he had become unable to do so.
Regardless of income level, most residents of Texas and other states around the country have an idea of how they would like their assets distributed after they are gone. While many have certain expectations, not everyone has formally expressed their desires by going through the estate planning process. Countless individuals have never developed a will, much less a comprehensive estate plan. Experts suggest that such plans help eliminate any confusion regarding how someone's wishes should be carried out.
Many Texas residents and others around the country have various charitable organizations they are passionate about. They regularly contribute money or routinely donate their time to causes important to them. Certain people may have the desire to somehow continue to support these causes, even after they have passed away. They may choose to incorporate this philanthropic desire into their estate planning process so that their support may continue for many years.
Most Texas residents and others living around the country don't often think about the time when they will no longer be around. While such thoughts are not pleasant, some individuals do consider how their loved ones will be provided for or the manner in which their assets will be distributed. Estate planning can be a complex, but necessary, process. One of the most rudimentary documents in an estate plan is a will.