Devising a thorough estate plan that is valid under Texas law could cover many responsibilities and tasks. It is often suggested that even people of meager means should have an estate plan. Those with estates comprised of significant assets and personal net worth may discover detailed estate plans could make things easier for survivors and beneficiaries.
The high-asset estate plan
Drawing up a detailed and legally sound will could eliminate problems with an estate becoming subject to intestate laws. Writing preferred asset distribution decisions and naming a qualified executor might make the probate process agreeable and less complicated.
Persons of high net worth might explore laws related to trusts, as putting businesses and some assets into a trust might be best for the planner and the beneficiaries.
Survivors may deal with tax and other debt obligations. There might be gift tax responsibilities to address. An estate planner could take steps to help beneficiaries prepare for such things.
Other elements of estate planning
Anyone with a high net worth might be concerned about awarding anyone power of attorney. However, bestowing limited POA capabilities could be helpful in some scenarios.
There are many reasons why someone would want to give another person power of attorney. Perhaps the grantor is ill and needs someone to handle finances temporarily. Maybe a younger person of significant means becomes more concerned with college or a career, and their parents could handle duties.
Comprehensive estate planning could involve health matters. When someone becomes severely ill or incapacitated, a health care proxy or living will may address medical decision-making powers. Persons who run complex businesses and estates could lessen burdens on family members who assume financial responsibilities by pre-planning actions for medical emergencies.
Keeping detailed notes about financial and medical documents might help as well. If family members have easy access to necessary information, things could move forward smoothly.