Probate has many misconceptions. While many Texas residents may think that probate litigation only takes place if someone has died without a will, this is not the case-probate actually involves the authentication of a will, if it was made, locating and valuing assets, paying the descendant's final bills and taxes and distributing one's assets. If the descendent did not leave a will, his or her bills still need to be paid and the estate distributed, which will take place during probate.
February 2019 Archives
When we leave this earth, we leave things behind. Even if a Texas resident does not have children, they still have assets that need to be distributed among beneficiaries and if directions are not provided, the state will make the decision for the decedent. This means that emotionally close relatives may be neglected in favor of biologically close relatives and beloved pets may end up in shelters. To avoid this, engaging in estate planning, regardless of one's life situation, is essential.
As mentioned previously on this blog, creating a comprehensive estate plan that covers both one's end-of-life decisions and steps to be taken after one's demise is an important step for Houston residents to take this year. Powers of attorneys are used to make essential financial and healthcare decisions if one is unable to do so. Additionally, one can avoid a situation where a conservator has to be legally appointed if they have a power of attorney in place. Similarly, having a will in place avoids the probate process.
Thinking about one's demise is difficult, and contemplating what would happen if one becomes incapacitated is even more troubling. However, having a plan in place for what should take place in case one is unable to make important financial and medical decisions for oneself is an important step Houston residents should take, as it can avoid a situation where the court has to appoint a conservator. A conservator is only appointed if there are no durable powers of attorney for finances and medical decisions.
You may have fond memories of your early days after starting your Texas business. Perhaps you were naïve and green, making many mistakes and teetering on the edge of disaster more than once. On the other hand, you may have had a solid plan in place that helped your realize profits from the start. Maybe you inherited your business from your parents or grandparents.