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Get the estate planning process right the first time

The estate planning process for one of our Texas readers will not be exactly the same as the next person. Even if two people are in the same age group with a similar situation, their approach to the future will not be identical.

When it comes to estate planning, it is important to do everything the right way the first time around, ensuring that you and your loved ones are in the best possible position to avoid challenges in the future.

A will is the first document most people consider, as it outlines a variety of details, including what you want to do with your assets upon your death, and who is going to be the guardian of your children if you pass on before they are of legal age. Without a will, you are taking a big risk as the state will make the final determination on your behalf.

You can also create a trust within your will, with many people doing this to control when their children receive an inheritance upon their death.

Many people never take on estate planning for the first time because they don't want to answer difficult questions, such as who will be the guardian of their children. This is no excuse, as making the right decisions on time, the first time, is of utmost importance.

If you are in the process of estate planning, you may get the urge to rush through each step. Rather than do this, make all the right decisions the first time through. To ensure this happens, consulting with a legal professional is something to consider.

Source: The Wall Street Journal, "Getting Your Estate Plan Right" Carolyn Geer, Aug. 02, 2014

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