Families in Texas and across the country can have a variety of different compositions. In fact, some families may count more than humans as members of their family. For many, the family pet is a member of the family whose owners want to ensure is protected even when they are not around to do so. Fortunately, there are measures that can be taken in the estate planning process that can help ensure this.
Many people in Texas go to great lengths to make plans for the future, even including planning for a future in which they may no longer be present. Often, this includes the creation of important estate planning documents, including a trust. However, some people may be confused about whether they need a will in addition to a trust.
Alzheimer's disease is a progressive, debilitating form of dementia that affects millions of people in Texas and the rest of the country. It is a horrific diagnosis to hear about, for the patient as well as family members. While certainly one's attention should be given to treatment of the disease and how to keep it at bay, a person's plans for care and finances also need to be addressed. Experts highly recommend going through the estate planning process to formalize these directives while able to do so.
National surveys show that over 55% of adults in Texas and elsewhere around the country do not have a will or trust in place. Without these documents, many families find themselves in probate court after the loss of a loved one. Furthermore, having a will alone does not necessarily keep family members out of probate. This could lead to unwanted conflict and potential legal battles. However, with thoughtful estate planning and the establishment of certain accounts, this strife can likely be avoided.
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.