Some in Texas know that there are many options available to those who wish to plan for their eventual death. These options include the common tools such as a will or trust. Each of these estate planning tools has benefits that can be helpful to a person.
A will can be a good way for people in Texas to ensure that they are able to make specific bequests to their heirs. In fact, many find it helpful to include a list of such gifts to people or organizations as a separate document included with the will. This allows for changes to be easily made and noted properly.
A will has the detraction of having to go through the probate process. Because of the public nature of probate, some in Texas choose a trust rather than a will when considering estate planning. A trust can be modified to fit the needs of an individual and their estate. In addition, many trusts can be customized to be used both while an individual is alive and by their beneficiaries after their death.
Because estate planning can appear complicated to many people in Texas, it can be helpful to seek information from experienced individuals before entering into the process. In addition, a person may benefit from completing a financial review as so that they can ensure that all of their assets have been addressed in their estate planning documents. Such efforts can buy peace of mind while a person is alive and or the t heirs when they die.
Source: cbslocal.com, “Helping Dad With Estate Planning,” Mark Ralston, June 14, 2013