Getting your loved one’s affairs in order

On Behalf of | May 4, 2022 | Estate Planning |

As Texas residents get older, it’s important for them to ensure that their affairs are in order. While this conjures up thoughts of their eventual death, it’s a necessary step to protect their estate and loved ones. Here is what you should do.

Create a will

If you haven’t already done so, you should create your will. It’s an important legal document that allows you to determine who you want to inherit your assets and property. You can also determine other ways you want your wishes carried out. For example, if you prefer to donate some of your assets to charity, you can state that in your will.

Name your agents

Agents are the people you wish to handle your financial and medical matters if you’re unable to do so due to incapacity. You need documents such as powers of attorney and health care directives. These legal documents give you the opportunity to decide who you want to handle financial and health care affairs if you suffer a medical emergency. They should be individuals you greatly trust with your life. Naming backups is important in case something happens to your first choices.

Update your documents

If you already have estate planning documents in place, it’s important to periodically update them whenever necessary. For example, if you only have one beneficiary named to inherit your estate when you pass away, you might want to add an alternate in case that person dies before you. It’s also wise to name alternate trustees who will manage your estate in case of the same scenario.

You should also make sure to update your life insurance policy, 401(k) or IRA and other important legal documents.

Decide on your final plans

Although it might seem morbid, it’s wise to decide how you want your final plans to go. Do you want to be buried or cremated? Do you want a gravesite or a mausoleum? These are unpleasant things to consider, but they must be done.

Your loved ones will be better prepared when you have your affairs in order.