In Texas and across the country, estate administration can be challenging when a wealthy person dies. In those instances where the deceased is a celebrity, opportunities may exist for the estate to earn substantial income from the sale of products related to the individual. Nowhere is this more true than with a music icon. We have seen it over the last three years with Michael Jackson, and we may soon see it again with the estate of Whitney Houston.
Posts tagged "estate planning"
Real property purchased by a party during their lifetime often becomes a part of their estate after they pass away. An estate plan created while the person is alive can direct the actions that an estate, through an executor, will take after the person dies. The options for property distribution are varied and can involve trusts or long-term asset distribution to beneficiaries. State laws, including those here in Texas, govern much of the distribution of an estate.
The family farm has long been held as an ideal in the United States. Many states, including Texas, have a large number of family farms and farmers, and estate planning is often an important thing for them to take under consideration. This may be particularly true as of late because of the rapidly rising land values of farms. Over the past few years, farmland values have increased significantly, even while other property has lost equity.
An executor of an estate has many responsibilities. Not only must they administer the estate of the deceased person, but they also must meet important fiduciary duties. These duties can include, among others, providing an accounting of the assets and debts of the estate in addition to reporting to the court. When an executor fails to meet their duties, beneficiaries can end up in court demanding accountings, or in extreme cases, asking for the removal of the executor.
The author of the Millennium trilogy died before his first novel, The Girl with the Dragon Tattoo, was published. Stieg Larsson left behind at least four novels when he died of a heart attack at the age of 50, but he failed author the most important document of all: his will.
Texas residents should beware of relying on oral promises for their estate planning needs. One of the main functions of a will and estate plan is to make sure that your wishes for the distribution of your assets are clear and followed. If you make an oral promise that is inconsistent with your will or greater estate plan, there is no guarantee that this oral promise will be honored. In fact, it is more likely that a court will throw out any probate litigation based on the alleged promise.
Rosa Parks is known as one of the famous civil rights activists in America History, but this civil rights icon's estate has been mired in conflict and litigation. Rosa Park's estate plan provided that her possessions would go to a charitable institute dedicated to the education of black youth and community betterment. Unfortunately the charitable work of the estate and its trust were hindered by unnecessary litigation.
It is important to work with an estate planning attorney who understands your needs and your wishes for your estate. You have no say in how your estate will be handled if you fail to execute an estate plan. The failure to execute a will, trust, or other estate planning tools can lead to familial strife as various family members may have different ideas on how to divide up the assets of an estate. The lack of a will can also lead to corruption, fraud, and probate litigation that can drag on for years.
Estate planning provides people with peace of mind. If something was to happen to you, would you have the proper documents in place to make sure your wishes are followed? The distribution of assets can be dictated through a will, which many people tend to overlook. Sometimes people, who aren't of old age, think they don't need to worry about what will happen to their belongings.
Parent's try their best to provide a better life for their children. They carefully consider their childhood education choices, make sure they are eating properly, have the right equipment for their after-school activities, and try to save for their college education. Many parents work hard to set their children up for success, hoping to be there to guide them along the way.