Estate planning gives your family peace of mind knowing that you have made your wishes clear regarding the estate’s settlement, guardianship of your underage children and what life-prolonging measures are acceptable. It is something that every Texas adult should do.
One of the cornerstones of estate planning is to clarify how you want your assets distributed after your death. You could leave everything to a surviving spouse or name beneficiaries for individual items of monetary or sentimental value. Whichever way you choose, you can save future heartaches and disappointments by sharing your will’s contents, answering questions and perhaps revising it for the sake of some loved ones who might feel slighted.
Provides for guardianship
If you have minor children, you should name a legal guardian for them in your will in case your spouse dies before you. Otherwise, the probate judge decides on your offspring’s future guardian, which is a situation most parents would not want. Protect your family and designate someone to care for your children when you pass.
Clarifies end-of-life wishes
One of the most agonizing decisions anyone has to make is when to “pull the plug” on a terminally ill, uncommunicative family member. If you prefer not to have medical intervention keep you alive if you are brain dead, make those wishes known in an Advance Health Care Directive. It might be an uncomfortable topic, but it is a critical component of estate planning.
A good estate plan helps ensure that your trusted executor carries out your wishes after you pass. Keep your will, a contact list of beneficiaries and essential financial papers in a safe deposit box or a known place in your home.