The end of the year is a hectic time for most Texas residents, as they complete their holiday shopping and get ready to ring in the New Year with their family members. While many think to cook lavish meals and get extravagant gifts for family members to express their love, very few realize that they might have overlooked a very basic way to provide for their family member's futures -- creating a comprehensive estate plan.
December 2018 Archives
While many are advised to create a will to ensure their assets are distributed according to their wishes after they pass away, Houston residents may not be aware that there are different categories of wills. Living wills are one of those types and it might be an option for someone to avail if they want to leave directions for loved ones and medical care providers in case they are facing a life-threatening situation.
We hear it all too often... "The original signed will is missing. I know it was in that box. I saw it. It had been there for years!" Usually by the time a last will and testament has been determined to be missing, every possible heir to the estate is in an uproar, and the decedent's house has been turned upside down from frantic searching. Panic ensues and everyone wants to know how this is going to affect their inheritance.
Making your estate plan was a wise and thoughtful move. Barely half of those in Texas and across the country take the time and effort to make a plan that will protect and provide for their families after they are gone, as well as creating some security for themselves as they age. Unfortunately, your estate plan may be the farthest thing from your mind if you and your spouse are preparing to divorce.
Many estate arrangements involve the relationship of a trustee and a beneficiary and the creation of a fiduciary duty. The individual who has been named as the estate trustee is likely to be the fiduciary and the beneficiary is the principal. Before going down this road, it is important for all Houston residents to understand the legal obligation they are creating and the responsibilities created by it.