A Last Will and Testament (or “Will”) is only one part of a complete estate plan. A complete estate plan along with a Will allows a person’s wishes to be carried out before and after their death. When you’re thinking about how to write a Will, there will be many issues that come up that should be considered in order to avoid probate, incapacity consequences, and to ensure that you receive appropriate long term care when you need it.
What is Your Main Goal in Setting up a Will And Estate Plan?
When a person dies, assets and debts are distributed by a probate court according to the terms of the person’s will. If you don’t have a Will, Texas inheritance laws will determine the way that your assets and debts are transferred. Creating a valid Will ensures that your estate is handled the way that you want.
Most people’s estate planning goals will fit into one or all of these three categories:
- Plan for the administration of your estate
Decide who will receive your assets, how your assets will be distributed to them, and who will be responsible for these distributions.
- Plan for incapacity
Decide who will make medical and financial decisions for you if you are unable to make them for yourself.
- Plan for long-term care
Arrange for the caregiving of a family member and the costs associated with long-term care.