Whether a person is rich or poor, he or she can benefit from an estate plan. Unfortunately, research shows that 64 percent of people in the United States, including Texas, have not created estate planning documents. This can pose major problems for their surviving loved ones when they die.
One scenario worth considering is what would happen if two spouses pass away and they have minor children. It is important to ask, who will take care of the surviving children? Also, some people may desire for their belongings to go to their parents even if their spouses survive them. In addition, a person with a large blended family may want to ensure that all of his or her children -- both biological children and stepchildren -- have equal shares of his or her estate.
All of the abovementioned considerations can be addressed in a will and testament. The will is appropriate to use no matter the size of one's estate. With a well-written estate plan, it is possible that one's estate will not have to go through the lengthy and costly probate process, with estates sometimes remaining tied up in court for several months or even multiple years depending on the situation.
With well-thought-out estate planning, people in Texas can posthumously control what happens to their assets when they die. They can also ensure that their dependents are cared for in the event of their deaths. Proper estate planning will ultimately save people's loved ones pain, legal fees, headaches and delay in the future.
Source: berlindailysun.com, "Prince or Pauper, you need an Estate Plan", Leslie Leonard, May 25, 2016