After all is said and done in the way of estate planning, and with necessary modifications along the way, the day will come when the loved one's decedent estate will have to be administered. If a proper will was made during the planning process, the first official step of estate administration in Texas and other states will be to file the will at the probate court. At that time, the person named in the will as the personal representative will present the will to the probate clerk and take the oath of office.
Posts tagged "beneficiaries"
Most Texas residents only have to go through probate proceedings once or twice in their lifetime. As a result, the process tends to be mysterious and difficult to understand for the average person -- because most people do not have a lot of experience with it. Even if a Texas estate is a relatively simple one, and regardless one's experience with such proceedings, the probate process can quickly become overwhelming.
One of the biggest mistakes that Texas estate planners make is to forget about identifying beneficiaries on their retirement plan documentation. Identifying beneficiaries is also important on individual retirement accounts (IRAs) and other financial documentation. The reason that this is vital is because the information beneficiary information identified on these accounts will supersede anything that is mentioned in a will or trust document. If no beneficiaries are identified on the accounts and/or if the wrong beneficiary is identified on an un-updated account, it can create a very complicated problem for one's heirs.
It is not uncommon for Texas retirees to own a second home or vacation cabin where they spend part of the year. Even if they do not visit the family cabin very often, it may be that their sons or daughters enjoy the space with their own families at different times of the year. Second homes like this could become a source of discord among beneficiaries after death, so it is important for Texas residents to make arrangements for multiple properties in their estate plans.
The average Texas resident has never had to administer an estate that was in probate. Therefore, if you have been presented with the dilemma of administering an estate, it is probably the first time that you have ever had to navigate the court system in this regard. The Law Office of Sharon C. Stodghill is available to assist you with this process and help your probate proceedings flow as smoothly as possible for you and any other beneficiaries who are set to benefit from your loved one's estate.
When it comes to planning an estate, attorneys must keep an eye out for potential problems and issues that could come up later on down the road. For example, what if a Texas grandfather decides to leave the majority of his estate to his grandchildren. He might create several trust funds to dispense his assets out to his beneficiaries over time. However, what if another grandchild is born a couple years before the grandfather's death, and the grandfather never had time to update his estate plan to include the new grandchild?
When a Texas resident passes away, his or her estate must be distributed among heirs and beneficiaries. The estate administration process refers to the action of gathering the decedent's assets, paying off the decedent's debts and ultimately distributing what is left to heirs. Estate administration can be a complicated process for the average person to carry out.
Roth individual retirement accounts appear to offer a lot of great benefits for Texas investors and their heirs. This is because the money placed inside the Roth IRA can be left to grow without tax liabilities over an investor and his or her beneficiaries' lifetimes. However, these types of investment accounts are not best for all estate-planning scenarios.
As Texas residents and the rest of the nation come to grips with the unfortunate death of Robin Williams, many are left with numerous questions that will be impossible to answer. However, in terms of the way Williams organized his estate for his beneficiaries, we can admire his foresight. Indeed, it seems that wealthy individuals around the country could have something to learn from him.
Losing a loved one is often stressful enough without having to tend to their final affairs. Even though death often brings families together, closing out the final estate of the dearly departed can create a lot of tension among beneficiaries. Siblings, in particular, may be more apt to contest a parent's will or trust, especially if they feel they have haven't been treated fairly or were given an unequal inheritance. Handling probate litigation can certainly be a difficult experience for Texas residents. At an already emotional charged time, siblings arguing over inheritance can simply add fuel to the fire.