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Preserving assets for loved ones after your death

The estate planning process may differ from one state to the next, but our Texas readers share the same goal as those in other parts of the country. When it comes to preserving assets, there is nothing more important than a tight focus during the estate planning process.

There may be a lot of questions to answer and details to take care, but this does not mean you should shy away and hope that your heirs are able to figure things out after you are gone.

Above all else, you have to know when to create an estate plan. No matter who you are or how old you may be, if you have any assets, you need a plan that will ensure that these end up with the right person.

Along with the act of preserving your assets for future generations, you have to focus on your health care directives, including who is going to care for your finances should you become incapacitated. With the help of a power of attorney document, you can designate somebody to make these decisions on your behalf.

As you move through the estate planning process, you should maintain a certain degree of flexibility. What you once believed to be the best thing for you and your family may no longer be the case. If you are flexible, you will feel comfortable making the best decisions for you, your assets and those who are scheduled to receive these.

If preserving assets for loved ones after your death is something you consider important, it is best to take on the planning process as soon as possible with the help of an experienced professional.

Source: Newsday, "Your Finance: Tips for individuals leaving assets after they die" Beth Pinsker, Jun. 04, 2014

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