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Estate planning is a must, regardless of financial situation

It is easy for many people, including our Texas readers, to believe that estate planning is only for the wealthy. While this may be a common train of thought, it is a myth on many different levels. Estate planning has nothing to do with how much money you have and everything to do with wanting your assets to be left to the right person or people upon your death.

Your estate includes a variety of assets, including but not limited to real estate, personal property, bank accounts, retirement accounts, pensions, and investments. If nothing else, you need to decide what will happen to your estate when you pass on.

For those in Texas without an estate plan, the state will step in and provide one for you. While this may sound like the easy way out, the plan of the state may not match the decisions you would make.

During the estate planning process, you will focus on a variety of details ranging from preserving assets to health care documents and much more. This is your time to get a grip on your finances while alive, and put a plan into place that will benefit your heirs after your death.

From those who have a lot of money to those who do not, nothing changes the fact that estate planning is an extremely important process. When this is done the right way, you are going to feel better about your situation while you are alive, knowing that your family will be in good hands once you pass on.

Source: The Dallas Morning News, "Everyone needs an estate plan, regardless of wealth" Pamela Yip, May. 02, 2014

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