Because an adult of any age could benefit from having an estate plan, getting started on creating one early in life may prove useful. Estate planning may seem daunting or even morbid at first, but in reality, creating a plan can help ensure that assets are protected and that loved ones understand end-of-life wishes. Of course, when making plans, Texas residents will want to avoid mistakes.
If an individual wants someone in charge of his or her financial, health and other personal decisions in the event of incapacitation, that person should not assume that a spouse will naturally take on that role. In many cases, the court will step in to determine who should make such important decisions, and it may not always be the desired individual. Therefore, a concerned party may want to create a power of attorney document to designate the desired agent.
Additionally, some people may have the misconception that they can create a plan and never have to look at it again. Though individuals could take this approach, it may not be wise. Without necessary updates, estate plans could present contradictions or other issues, and probate complications could come about.
If Texas residents are concerned about making mistakes when estate planning, they may feel comforted to know that they do not have to go through the process alone. Individuals could utilize the assistance of experienced attorneys who could provide useful insight and advice. Additionally, parties could learn more about their options and what planning tools may best suit the needs of their estates.
Source: recordonline.com, “Common misconceptions in elder law estate planning“, Bonnie Kraham, Nov. 16, 2017