Hayes & Wilson, PLLC
Call to Schedule a Appointment
713-880-3939
Houston Texas
Practice Areas

New Year's resolutions often include estate planning

When most people think of New Year's resolution, they think of how much time they will spend at the gym or the new diet they will attempt. However, some estate planning professionals would like people to focus on creating an appropriate plan for their estate to protect their assets and ensure that provisions are in place for loved ones. For those in Texas who have already gone through the process, resolutions may be centered more toward revising an existing plan.

A person's life is bound to change over the years, making it necessary to make changes to an estate plan. For example, a divorce, remarriage or addition of a child to the family often prompt people in Texas to re-evaluate how they want their assets to be divided upon their death. Additionally, a person may wish to change who will be making financial and medical decisions in the event he or she becomes unable to make such decisions. As time passes, relationships change, potentially prompting revisions.

Evolving family composition is not the only factor that could necessitate a change. A significant shift in a person's financial status could prompt a person to re-evaluate an estate plan. For example, a person who sees a significant increase in income or receives an inheritance may need additional tools in place, such as a trust. Additionally, laws governing estate taxes change over the years, prompting changes to the structure of an estate plan.

Some would argue that estate planning is one of the most important gifts a person can give his or her loved ones. In a time of loss, attempting to divide an estate can be stressful and can create conflict between people who would likely want nothing other than to come together and grieve. With the advice of an experienced professional, people in Texas are able to create a plan that is clear and less susceptible to a successful challenge.

Source: Forbes, "6 Reasons To Revise Your Estate Plan As Soon As Possible", Mark Eghrari, Jan. 2, 2017

No Comments

Leave a comment
Comment Information

NEED LEGAL ADVICE?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Location

Hayes & Wilson, PLLC
1235 North Loop West
Suite 907
Houston, TX 77008

Phone: 713-880-3939
Fax: 713-880-9990
Map & Directions

Board Certified | Texas Board of legal Specification
Visa | MasterCard
FindLaw Network