There are many reasons why a Texan would need to consider the importance of drafting estate planning documents. One motivation could be that they have significant assets they are concerned about. Another reason might be that they own a business that they would like to remain in the family. Some other common incentives are because the individual is thinking about how they can use their assets to benefit their heirs or are possibly worried about what will happen to them if they become ill and incapacitated. In those situations, a durable power of attorney can be useful.
June 2018 Archives
In Texas, the death of a loved one is a traumatic time. This is compounded when the loved one had substantial assets and failed to take the necessary estate planning steps. Heirs and beneficiaries should think about how to deal with such a case, especially when there are blended families, divorces and children from different marriages.
Texas families who have accrued significant wealth will want to take steps to ensure that their heirs retain as much of it as possible. The depletion of an estate is one of the biggest concerns that these families will have, so strategies to preserve assets, such as a dynasty trust are a wise consideration. Understanding how they work and other important facts about these devices is the first step toward deciding if it fits into an individual's estate planning strategy.
As much as you love your car, your house or your boat, you can't leave an inheritance for them in your will. They are property, and as such, they are ineligible by law to receive an inheritance. You may be surprised to learn that your pets are also property in the eyes of the law. No matter how much a part of your family they may seem, when you die, the law views them in the same category as your car, your house and your boat.
The goal for a Texan who is creating an estate plan is to ensure that the assets go to the heirs that he or she wants to get them and to maintain as much of its value as possible. This can be confusing to some, especially those who might have real estate but not a significant amount of it to know all the methods to maintain maximum benefit after asset distribution.