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Texas residents need an estate plan

On Behalf of | Feb 8, 2019 | Estate Planning |

Texas residents may think they will not need an estate plan until they are senior citizens. However, an estate plan can be beneficial even when people are young. There are several reasons people may want to put together an estate plan in the near future.

One of the benefits of an estate plan is that it allows people to decide what will happen to their personal property. Forbes says that the state usually picks beneficiaries and gives them the assets when there is no will. This means that if people do not write a will explaining which people should receive their assets, they typically have no control over their belongings after they die. Additionally, some people may want to donate money to charity. When someone creates an estate plan, he or she can make sure that different organizations receive the intended donations.  

An estate plan can also help people think about their finances and health in the future. Some people may become incapacitated later in life and need someone else to make medical and financial decisions. When people create an estate plan, they can specify a person to make these decisions and also include instructions about their health.

Estate planning is also a good idea if people have children. According to Fidelity, parents generally need to decide who will take care of their kids if they die while the children are still young. Additionally, some families might face unique circumstances. Some parents may have a child with a disability, for example, or other people may have blended families. In these situations, it is a good idea for people to plan for the future. Additionally, people who are business owners can use their estate plan to determine the future of the company. They can name a beneficiary for the company assets or name a person to take over the company.