Getting end-of-life affairs in order can prove challenging for many Texas residents. Because many life aspects must go into consideration, numerous individuals may not even know where to begin when it comes to estate planning. However, because these plans typically revolve around property and family, starting with either of those topics could be useful.
When it comes to property, individuals may wish to take an inventory of their assets. By having this information, parties may be better able to determine how they would like their assets distributed after their deaths. Additionally, they could take this time to list their liabilities and debts that could affect their estate, and how those liabilities should be handled in the event that they remain an issue for the surviving family to handle.
Once property and liabilities have been inventoried, individuals may wish to determine to whom they would like to bequeath their assets. Listing family, close friends and other parties that could be desired beneficiaries may help parties match assets with those beneficiaries. Additionally, this list of individuals could come in handy when determining executors, power of attorney agents and other needed positions.
Taking proactive steps to get started with estate planning could help Texas residents get their affairs in order more easily. In addition to organizing property and desired beneficiaries, having other necessary documents on hand could prove useful. Interested individuals who hope to make their comprehensive plans may wish to speak with experienced attorneys who could offer sound insight into what documents and tools could help during the planning process.
Source: investors.com, “5 Must-Do Tips For Your Will And Estate Planning“, Lawrence Carrel, Feb. 24, 2017