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Estate planning isn’t all just on paper

Have you thought about how your loved ones will deal with your estate when you are gone? Have you thought about how your loved ones will deal with your estate if you are unable to do the job yourself? These questions might have you thinking now. If so, it might be time to consider estate planning so that you can let your family know what your wishes are for your home, your property and your assets when you aren’t able to care for them yourself.

Proper estate planning gives your family a plan about what you want to happen with your property and assets. The estate plan is something that is best put on paper and talked about while you are able to answer questions and provide directions. If your land is a family heirloom, you can plan for its care. If it is just property, you can use estate planning to give it to charity or sell it when you are gone.

The Outreach Manager for the American Tree Farm System advises people who have property to make sure that their family members feel a connection to the property. Make memories on the property that is included in the estate plan. Give them a reason to value the property and appreciate it. This can help them to get involved in the estate planning process.

The more assets you have, the more complex making an estate plan might be. For this reason, you should make sure that you are familiar with how various types of estate planning documents in Texas help to protect your property when you are incapacitated or deceased. Learning about tax benefits and other tax matters can also help you to determine the best way to setup your estate plan.

Source:  Seaside Courier, “Things to Consider When Estate Planning” No author given, Apr. 06, 2014