Planning your estate in Texas before you reach an advanced age is one of the best things you can do for the loved ones you’ll leave behind when you pass and for your peace of mind. Estate planning is especially if you’re remarried and have children because things can become especially complicated, and tensions can run high as both sides of the family have different perspectives. Plus, communication can be difficult during stressful times, making it more difficult for people to come to decisions about what to do with the estate.
Crucial mistakes of estate planning
One of the biggest mistakes that people make when estate planning is failing to change beneficiaries, such as when the ex-spouse is still named the recipient of the 401(k).
Failing to keep the will up to date is another common mistake. When you change spouses, have more children or want to add an additional beneficiary, you need to change these things in your will.
Additionally, you shouldn’t feel the need to treat all beneficiaries the same. For instance, some people choose to give more to their own children than their new spouse’s children from another marriage, or they might choose to give less to a certain child because of a gambling problem. Remember that you can gift your children and their spouses money while you’re still alive, and some people like this option because it lets them see their money being used.
Draw up a living will
In addition to ensuring that your assets are divided before you die, you should also have a living will, which will ensure that your end-of-life wishes are followed in the event that you’re unable to voice your decisions, such as if you’re in an accident or become suddenly ill.
A living will also spares your family from having to decide what to do if you’re in a vegetative state, what to do with your organs and other end-of-life decisions that can be even more difficult when there are many loved ones involved, especially if your current spouse isn’t the parent of all of your adult children.
Making plans before you’re gone is one of the best things that you can do for your family, especially in blended families and other situations where family dynamics are complicated.