In Texas, those that enter into the estate planning process most often use the popular tools of a trust or a will. In the case of a trust, the assets left to beneficiaries can be distributed at various times or all at once. For a will, an estate must go through the probate process.
People in Texas who decide to create an estate plan have many options to choose from as they explore their needs. They are often pleasantly surprised to learn that estate planning tools can be customized to fit the needs of an individual estate. For example, if a person wishes to leave a specific bequest to beneficiaries, they can create a detailed list that is included in their estate plan.
By using a will or a trust, people in Texas can detail how they wish to have their assets distributed to their heirs and beneficiaries. This is important to some who wish for their assets to be given to those that they love at certain milestones of their lives, such as when they are married or turn a particular age. In addition, a trust has the benefit of allowing an individual to access some assets while they are alive.
Because there are so many options for a person in Texas who seeks to leave assets to their heirs and beneficiaries, it can be helpful for them to conduct a review of all of the available tools. This effort will ensure that the best estate plan is created. This will not only give peace of mind to the person creating the estate plan but also help to limit the chance for hurt feelings or litigation when an estate is distributed.
Source: aarp.com, “How to Leave an Inheritance to Your Kids,” Jean Chatzky, April 24, 2013