The many tools available for estate planning can help ensure that each Texas resident has the opportunity to create his or her plan according to specific wishes. Of course, these many tools can also seem overwhelming to individuals who may not know much about estate planning. Fortunately, information is available on the uses of planning options, including living trusts.
Most people are familiar with popular components of a contemporary estate plan in Texas. These components can include wills, trusts, medical directives and power of attorney documents. In addition to safeguarding our physical and financial assets through estate planning, there is now a need to provide protection and dispensation instructions for one's digital assets. This has been taken up under measures such as the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) which has been passed by many states, including Texas.
Many Texas residents and others around the nation understand the importance of planning for the future when they will no longer be around to care for their families. While not a pleasant topic, estate planning is a necessary process to ensure that one's loved ones will be cared for properly. If a family has children, they often become the major focus of most decisions within a plan. This becomes even more critical if the person creating the estate plan is a single parent.
Thinking about the future when one will no longer be around is not often a pleasant activity for most Texas residents. However, planning for the future is necessary if one wants to ensure that family members are protected. It is critical that those decisions can be made while a person still has the capacity to do so. Yet, many individuals avoid the estate planning process, even while recognizing its importance. Experts want to put some common misconceptions aside to emphasize the need to have a comprehensive estate plan.
Texas residents often discuss their retirement years with financial planners, frequently going to great lengths to assure that they will have sufficient income streams when they are no longer working. Some also have wills in place that name beneficiaries who will receive assets after their passing. While these are important steps to take while thinking about long-terms needs, many individuals do not fully plan for all aspects of their future. Experts report that comprehensive estate planning is often overlooked or considered unnecessary.
As Texas residents make plans for their futures, they often have to ponder some difficult scenarios. They have to think about the possibility of no longer being able to take care of themselves independently or to make competent decisions on their own. Determining who will provide that care and make those decisions is a major component of the estate planning process. Certainly, everyone would like to think they would choose someone who would look out for their best interests. Unfortunately, that is not the case in every circumstance.
April 15 is likely not a favorite day of the year for most Texas residents and others across the nation. Many taxpayers delay filing their federal income tax returns until the very last possible minute. This year in particular, the Tax Cuts and Jobs Act has presented numerous changes to which those filing must adhere. The new regulations have implications for individuals as well as corporations and estates. Experts have weighed in on how the new tax law has affected the estate planning process.
At a certain stage in their lives, Texas residents and others around the country begin thinking of their retirement years and even to the time when they will no longer be around. If they begin the estate planning process, decisions have to be made about who will inherit their assets or, perhaps, who will care for them when they become unable to do so themselves. For individuals who are married or have children, these answers may be more apparent. However, there are many people who are unmarried with no children. Experts contend that having an estate plan is no less crucial for this demographic group.
Most Texas residents and others around the country give little thought to how life will be when they are no longer around. This is particularly true of younger generations, who likely have not started families or have not yet amassed much in assets. However, financial experts believe that it is never too early to start the estate planning process, regardless of age or amount of assets.
When musical icon Aretha Franklin passed away in 2018, many reports focused on the fact that she did not have a will in place. Other notable entertainers, such as Prince and Kurt Cobain, were in the same situation, despite having all the means necessary to go through a comprehensive estate planning process. Most Texas residents are not dealing with estates of the same magnitude as these celebrities. However, it is still of utmost importance to address financial issues to avoid potential problems for one's family members.