Many people in Texas work hard to give their families the best lives possible. However, they often fail to create detailed plans for passing their assets to their heirs following their deaths. A couple of tips may help them engage in proper estate planning, including the identification of beneficiaries.
First, it is essential to be realistic when it comes to heirs. When wills are drafted, it is wise for the maker to consider whether potential heirs would be emotionally and financially capable of responsibly handling the assets passed down to them. Some people are spendthrifts, while others simply do not have much financial acumen. Others might have personal problems that would cause them to blow through any wealth given to them, such as a gambling or drug addiction.
In these situations, it might be helpful to make a provision in a will to protect an heir from his or her worst tendencies by appointing somebody to supervise the distribution of the assets. These tendencies in a potential heir might not be apparent the first time one drafts a will. However, they may become more apparent over time.
Estate planning is not always a high priority for many in Texas, as people are busy living their lives and usually prefer not to talk about matters related to death. However, the lack of an estate plan may mean that one’s wishes regarding the distribution of his or her assets may not be upheld. Proper legal support may help to create thorough estate plans, including the identification of beneficiaries and the best manner for passing on assets to those individuals.
Source: CNBC, “Don’t drop the ball when planning your estate“, Trey Smith, Sept. 13, 2016