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.
February 2016 Archives
Living trusts can help people to avoid probate
When Texas residents pass away, their property and possessions typically go through the probate process. This process involves the settlement as well as the distribution of the decedents' assets in a manner that honors the terms of their wills. However, trusts can be helpful for those who wish to avoid probate.
Major life events trigger need for estate planning
Predicting the future is impossible, and life has the potential to change instantly. This is why it is critical for people in Texas to be prepared by engaging in estate planning. Estate planning allows people to plan for their deaths as well as for incapacity, ensuring that people are in place to manage their assets, pay their bills and make medical decisions for them if they are unconscious at a hospital. Other life events can spark an interest in creating or updating an estate plan as well.
Estate planning involves a few important steps
Creating and reviewing an estate plan is often viewed as grim work. After all, people in Texas would likely prefer to do other things than contemplate exactly what will happen when they die. However, engaging in estate planning is important for ensuring that one's wishes will be carried out after death.
