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Heirs & Beneficiaries Archives

Preventing family fights over your estate

Watching your family grow and change, you may feel sad when you see the tensions that exist among your children, stepchildren or other family members. Perhaps you even anticipate that, after you leave this world, those tensions may become worse, especially if your heirs squabble over your estate. While it may be tempting to leave it all to fate, doing so may result in lifelong discord among your loved ones and bitterness directed at your memory.

Estate planning when there are confusing issues to navigate

A worry that aging people frequently express when considering estate planning options is how best to distribute their assets among their heirs. There are numerous factors that go into this decision and it is often connected to need vs. fairness. For example, the parents might have more than one child with one being highly successful in an endeavor and the other still struggling to find his or her way. Deciding how to divide the estate is a common source of acrimony. Fairness is in the eye of the beholder and it is beneficial for a person to have legal advice as well as practical advice when determining how to divide assets.

How a life estate can help testators and heirs

Even those who have made sure all their beneficiaries are included in their estate plan often forget about their home. Having a beneficiary in a will does not automatically mean that the property will go straight to the children. For example, if there is a mortgage or costs for its upkeep, it might leave the heirs in dire financial straits, particularly if they are not able to sell it.

Beneficiaries can be concerned about preserving assets

Many of our readers have experienced the slow heartbreak of watching an elderly relative's health deteriorate to the point of near incapacity. While the primary concern in this type of situation is obviously the health of the relative, there may be important issues involving that person's assets that need to be addressed as well. If the relative hasn't laid out the appropriate estate plan, the potential beneficiaries can have increased concerns about the preservation of the assets involved.

Beneficiaries an important area of focus during estate planning

Many people in Texas work hard to give their families the best lives possible. However, they often fail to create detailed plans for passing their assets to their heirs following their deaths. A couple of tips may help them engage in proper estate planning, including the identification of beneficiaries.

Identifying beneficiaries is an important part of estate planning

Having an estate plan in place is paramount for a person in Texas to protect his or her assets in the event of his or her death. It can also help to prevent bickering among surviving family members. Identifying beneficiaries is one of the most important steps in creating an estate plan.

Naming beneficiaries in estate plans is important for singles

One huge misconception about creating an estate plan in Texas is that only people who are married really need one. The truth is that an estate plan, in which beneficiaries are named, is equally as important for single people. This is because an estate plan is designed to protect one's assets in the event of one's death, as well as to protect one's wishes in the event of incapacitation.

Beneficiary concerns important part of estate planning to address

One reason people in Texas may shy away from estate planning is because they consider it to be a bit of a morbid task. Another reason is because it can seem complicated and multifaceted, with one important aspect of estate planning involving beneficiary concerns. However, failure to focus on estate planning may mean that one's important assets will not end up in the hands of the people one wants to receive them.

Naming beneficiaries has long-term consequences

Deciding how one should designate beneficiaries for an asset, such as an insurance policy or company retirement plan, in Texas may seem relatively straightforward. Individuals most likely prefer to designate people who are close to them as beneficiaries of any monies they have accumulated over their lifetimes. However, designating beneficiaries involves more than simply writing these people's names on the correct forms.

Designating beneficiaries an important aspect of estate planning

One aspect of estate planning that is often forgotten is beneficiary designations for various assets. These assets include individual retirement accounts, life insurance policies, annuities and employer retirement plans. This spring is a wise time to take a look at the designations of beneficiaries while completing estate planning in Texas.