In Texas, people know that there are many good reasons to consider making an estate plan. Some, however, may be concerned about the cost or time it takes to enter not estate planning. Others are concerned about the morbidity of discussing such issues
What they may not have thought about, though, is the fact that if estate planning is not completed properly, their heirs may face litigation and high costs. For example, if a person purchases a 'kit' estate planning tool on-line, they may find that their documents do not comply with the laws of the state of Texas. In such cases, a court will step in and make the determinations as to how to distribute assets or the appointment of individuals such as the guardian of minor children. The result, a recent report says, may not be what the person who has left the estate behind intended.
If a person in our state dies without estate planning in place, the state law is also applied. In each of these instances, heirs are left to wonder if the wishes of the deceased were followed. In some cases, state law may not be the best result for heirs because of their personal situation. This means that a person who may not be a biological child or direct heir may be left out of inheritance of an estate if no will or trust is in place.
Estate planning can be important to a family who has been left behind when a person dies. The documents included in a plan can allow people to follow the wishes of the now-deceased individual as to the distribution of assets and other matters. Without this, those left behind are at the hands of the state law.
Source: nhmagazine.com, "Advice for Wills, Trusts and Estate Planning," Jeff Woodburn, Aug. 1, 2013