The recent overhaul of the federal tax code has led to many unforeseen changes. One has been a change in the uses of revocable trusts, also known as living trusts in divorce.
April 2019 Archives
Texans who have significant assets or properties that could be the foundation for dispute after they have died will seek to prepare for the future by addressing these probate issues beforehand. Unfortunately, even the most well-crafted estate plan can have complications when it is time for estate administration. Legal issues and disputes among heirs are common, especially when it is a famous person and blended families. While not everyone will be in the position of a prominent performer, there are lessons that can be learned to prepare for the future and avoid mistakes they might have made. If there is a need for litigation, it is even more vital to have legal help.
There is no step by step guide for every estate plan in Texas or anywhere else. Since everyone's family situation is different, estate planning must reflect those differences. Some families might have significant assets and minor children. Others have a family business that requires intricate assessments as to how it will be passed along. Distribution of assets and determining beneficiaries could be complicated by internal disputes.
As this blog has discussed on previous occasions, Texas trustees, that is, those who manage the property held in a trust, have both a lot of power and a lot of responsibility.
There is a misconception that estate planning is something only reserved for the wealthy and famous or those with large estates. In reality, virtually every Texas adult could benefit from having even a basic estate plan. While people with children or valuable assets understand the need for this step, it is also important for single adults too.