Texas residents who are interested in estate planning probably think the same thing at the beginning of the process: How do I get started? Oftentimes, the answer to that question can seem difficult to find because, as many of our readers probably know, there are many different estate planning options available. However, a recent news article mentioned some key points that are important to understand about the estate planning process.
Key points
For starters, the recent article mentioned that estate plans necessarily deal with matters of “life and death.” That means, of course, that you will likely need to make some difficult decisions. Who will receive your assets upon your death? What happens if you are in a serious accident or become ill and become incapacitated? Who will make financial and health decisions on your behalf? These are just a few examples of the questions that Texas residents are likely to face when they are getting their estate plans together.
Another key point mentioned in the recent article is to realize that an estate plan is more than just a simple will. Although a will is important, a comprehensive estate plan will also likely include power of attorney documents and trusts may be a consideration as well, among other possible options.
The last point made in the recent article is one that is oftentimes overlooked – even when you do get an estate plan in place, make sure to review it for potential updates on a regular basis. Changes will happen in life and, as a result, your estate plan may need changes and updates as well.