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The benefits of clearly defined estate planning

With so many people overlooking the benefits of estate planning, both in Texas and other parts of the country, it is important for people to spread the word about the importance of this process.

The benefits of a clearly defined estate plan run deep, including the fact that you will get peace of mind in knowing that everything is taken care of now and that your assets will make their way to the appropriate party upon your death.

In addition to peace of mind, an estate plan can help your heirs reduce or eliminate estate tax. Along with this, it puts you in position to plan for the future care of any minor children.

The best way to ensure that you are on the right track is to create a foundational estate plan. This includes four essential documents: a will, a living will, a durable power of attorney for your finances and a durable power of attorney for health care decisions.

Despite the fact that there are benefits associated with each type of document, some people make the mistake of only creating a will, which could lead to trouble down the road for loved ones.

The benefits of estate planning are impossible to overlook. Anybody, regardless of location, can create the four documents detailed above to ensure that everything is in the appropriate place now and in the future.

It is not always simple to complete the estate planning process, but those who finish this sooner rather than later will realize that they made a good decision that will benefit them as well as their loved ones.

Source: Fox Business, "The Biggest Estate Planning Mistakes You Can Make" Kelly Trageser, Apr. 07, 2014

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