Creating an estate plan is important to people in Texas and elsewhere. In fact, it may surprise some to hear that as many as 120 million people across the land have not completed the estate planning process. This leaves many heirs without clear instructions as to how to distribute assets when their loved ones die.
If a person in Texas dies without estate planning in place, their assets will be distributed according to state law. This means that the court will not take into consideration what they wished to have happen with their assets and some may go to those who they did not intend. This is the case when beneficiaries are not changed after a divorce as well.
Once created, estate planning documents should be stored in a safe place, says one recent report that may be of interest to readers in Texas. Such places include bank safe deposit boxes and fire safe containers in a person’s home. However, there are rules that can apply to safe deposit boxes, and before making use of such a location, an individual may wish to review the policies of the institution being considered.
Estate planning may seem confusing to some people in our state. To alleviate this stress, an individual may benefit from a review of all of the applicable laws and local procedures as they relate to their own needs. This effort can pay off not only in peace of mind of the person creating the estate planning documents, but also for those that they leave behind to distribute the assets as intended.
Source: pressdemocrat.com, “Organizing is a key part of estate planning,” Robert Digitale, June 30, 2013