Trying to sit down and think about estate planning can, understandably, be a challenge for many Texas residents. Not only are there seemingly endless options to consider in the estate planning process, but there are the background thoughts of some of the reasons why the plan is necessary—for the distribution of your assets after death, for example, or ensuring the care of minor children in the event of your untimely death. These are the types of thoughts that most people avoid and, as a result, many people put off doing their estate plans for far too long. However, having an estate plan in place will always be important.
Why should you be concerned about estate planning? Some people think they don’t have enough assets to be worried about having an estate plan in place. Others say they really don’t care what happens to their assets—they’ll be dead, after all, they say. But, for those who are concerned about how their family members will fare when they are gone—and how smoothly assets will be transferred—having an estate plan in place is crucial.
Your individual goals will become important when it comes time to put your own unique estate plan together. For example, some people want to transfer assets in life, or they want to avoid tax implications. Or, some want to make sure that minor children or disabled family members will be cared for after they are gone.
Put some thought into it
At our law firm, we do our best to help our clients get through the estate planning process and think of what will be best for their own family and financial dynamics. For more information, please visit the estate planning overview section of our law firm’s website.