For Texans of any age, having an organized estate plan is a wise step. The need to formulate estate planning documents can be expedited by the unforeseen. One specific and unexpected event is a poor medical diagnosis.
July 2018 Archives
It can be difficult for Texans - even those with significant assets and wealth - to compare themselves to famous people and their estate plans. However, important lessons can be gleaned when examining the legal issues that often surround a celebrity and their estate after death. Complicated factors often muddy the water with these individuals and it makes the distribution of assets, the organization of their wills, the determination of beneficiaries and other factors a topic of discussion. Such is the case with the late chef, television host and author, Anthony Bourdain.
As is the case in the rest of the country, minors here in Texas may not directly inherit property. If you leave a bequest in your will to someone under the legal age of majority, your executor will need to spend estate resources and time to appoint a conservator to hold the assets on behalf of the minor child until he or she reaches adulthood.
Even the most vigilant Texans who make certain every area of their lives are well-organized might forget about estate planning. There are many reasons why this might be the case, but it is always a mistake. Having an estate plan that suits the individual needs is not just beneficial to loved ones; it can make certain that all the areas of one's life are covered for all eventualities, foreseen and unforeseen. With estate planning, there are several reasons that are often presented as to why people fail to take these steps. Knowing them and avoiding them is key.
Not everyone in Texas has a family or friends they would like to leave their assets to after their death. These people may think that an estate plan is unnecessary. This is a fundamental mistake that should be rectified as soon as possible because even single people should have an estate plan.