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Take the time to prepare a will

Quite a few people in Texas and elsewhere do not have estate plans in place. Each has his or her own reason as to why not. However, taking the time to prepare a will is not something that one should put off for too long.

A study was recently conducted by BMO Wealth Management regarding estate planning. According to the results, 52 percent of those surveyed do not have estate plans. Now, the number of people surveyed was not released, but still, 52 percent is pretty significant. That is a lot of people who have not taken the steps necessary to protect themselves, their assets, their children and other loved ones in the event of their death or incapacitation.

Why is having at least a will important? In a will one has the ability to name beneficiaries, give instructions as to how property is to be distributed and designate a guardian for minor children -- among various other things. Without having one's wishes in a legal document, the court will make these decisions based on the state's laws of intestacy. That is reason alone to get a will together.

Taking the time to prepare a will or other estate planning documents only ensures that the protections one desires are in place for when they are needed. An experienced estate planning attorney can assist Texas residents in preparing only the legal documents that they require and will ensure that they are in line with state laws. While discussing end-of-life matters is never an easy thing, one's legal counsel can make the process as easy as possible.

Source: thestreet.com, "As Americans Blanch at Estate Planning, Financial Advisors Need to Spur Clients to Action", Brian O'Connell, April 12, 2017

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