Creating your estate plan in Texas doesn’t need to be a hassle. This is a task that some can find tedious and contentious. But if you go through it with foresight and patience, it can be an easy and efficient experience. There are certain elements that are absolutely essential to the success of your plan.
You need to have a will or trust
One of the most essential elements of successful estate planning will be to make sure that you have a will or trust in place. This will be crucial in order to avoid having your estate go to the probate process after you have passed. If this should occur, it will be the court that divides up your estate. They will do so without considering your final wishes.
You need a durable power of attorney
Another very important element to have in place will be a durable power of attorney. This is a document by which you appoint an agent for the purpose of acting on your behalf when you can no longer do so. Your durable power of attorney document will give them the power to make decisions as if they are you.
You need to update your beneficiaries
The estate plan that you create will need to be updated from time to time. For example, if you should get divorced and then remarry, your estate plan should leave your assets to your current wife, not the former.
You need to sign a letter of intent
A letter of intent defines what you would like to see done with your assets after you have passed or become incapacitated. This letter can also provide instructions for your funeral. It can be very useful if your case should go to probate.
Taking these steps protects your interests, helps to ensure that your wishes are carried out after you die or become incapacitated, and reduces stress and difficulty for your loved ones.
