In my old age, I try to avoid thinking about death, but I know that eventually it will happen to me. I remember when one of my great uncles died, there was a dispute over who would get his assets.
He didn't have any children, he wasn't married, he didn't have a will and didn't do any estate planning with an Austin estate planning attorney. He never even mentioned by word of mouth how he wanted to have his assets divided.
After a bit of arguing, our family finally came up with a way to divide the assets. I wanted to avoid having something like that happen with my family, so I planned my estate. Much like my great uncle, I also don't have any children. I used to be married, but that was any years ago, and I would rather my ex-wife not get any of my assets.
I contacted a lawyer to help me with the estate planning process. He helped me create a will, and I selected an executor to take care of my instructions in the will. I decided to divide everything between my nieces and nephews, because I always thought of them as the children I never had. I have faith that they'll take care of everything.
If you want to make sure that your loved ones are taken care of when you die, then estate planning is a must. Don't assume that your wishes will be honored after your death. If you have not prepared yourself for the future then you will find that the law could take a rather different stance on what should happen than what you want - that's why estate planning is a must.
It will help you to get the peace of mind that your assets will go to the right person, and that the tax treatment will be fair.