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.
Posts tagged "Heirs & Beneficiaries"
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.
The new tax laws set to come into effect on January 1, 2019, caused a lot of people, including Houston residents, to finalize their divorces before the new year set in. under the new law, the payor can no longer deduct alimony and the receiver is no longer obligated to pay tax on it. Anyone whose divorce has been finalized recently should consider this the right time to update their estate plan. This also applies to anyone who has not reviewed their estate plan after separating from a spouse.
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.
The death of a loved one sends a Texas resident on an emotional and stressful journey. Family members have to go through the decedent's belongings and plan their funeral all while coming to terms with their own grief. If the decedent had not outlined their own wishes for how their funeral should take place and their assets distributed, it can trigger another stressful time in the lives of the heirs.
When someone creates a will, it is assumed that it is valid and should be legally binding, as it is supposed to contain the wishes of the decedent. This is why legal challenges to the validity of the will, known as a will contest, are often thrown out of the court unless they meet stringent legal requirements.
Millenials are the butt of many jokes, but credit must be given where credit is due-according to the AARP, they are spending an average of 21 hours a week taking care of older adults. Currently, around 10 million millenials are already serving as the caretaker for an elderly loved one, such as a parent, grandparent, in-law or other adult. Over time, more people are expected to step into this role.
When entering into probate administration, an executor may not always know the location or even the identity of a named heir or designated beneficiary. Sometimes family members may have been missing or estranged for a number of years prior to the decedent's death. Since the location and notification of those individuals is part of the executor duties, it can become a very time consuming and frustrating process. Allow us to give you a few tips that may assist in your search.
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.