As the current status in the nation and world tells us, things can drastically change without any notice. One day, you are leading your normal life, and then suddenly you are faced with financial woes and concerns about your health and wellbeing. While a life event is not the only reason to draft or update an estate plan, it is certainly an indication that residents in Texas should always have their affairs in order.
Addressing assets and belongings
No matter what sparks one to address their estate planning needs, it is vital to remain focused on the task, as it requires critical decisions to be made. Rushing to complete one could result in errors and unintended consequences. This is especially true when it comes to assigning your assets and belongings to heirs.
Including a will or a trust in an estate plan could help you achieve your goals when it comes to ensuring those you named will get what is bequeathed to them. And depending on the ultimately goal, a trust may be suitable to add to the plan. Whether it is a living trust, irrevocable trust or revocable trust, it is important to understand the capabilities, setbacks and goals of each document.
Your healthcare decisions and final wishes
While we all hope to not fall severely ill, rendering us incapacitated, the reality is that this is a possibility. Because of this, it is important to consider your medical care wishes and end of life care you would like. Designating a person to make decisions on your behalf in an advance healthcare directive is a valuable step to take. Likewise, including a power of attorney and naming a person to handle your finances is also a beneficial step to take in case you are unable to do so.
Creating or updating an estate plan may seem like a daunting task. No one likes to consider the possibility of incapacitation or death; however, death is an inevitable part of life. Thus, it is important to properly prepare for this part of life by getting everything in order.