When you first start estate planning, you may be overwhelmed by all the choices in front of you. Admittedly, it can be hard to know what should happen with your assets and how you can best support your loved ones after you pass. Here's a checklist of topics to explore so you know what to consider before you start your estate plan.
Remarriage is a growing trend in Texas and across the United States. For many children, seeing their divorced or widowed parents find love once again and remarry is a thing of joy. At the same time, remarriage may also be a cause for concern.
When a person dies in Texas, their will – if available – and the estate must pass through the probate process to administer the decedent's estate and settle their final affairs. During probate, the deceased person's assets are collected and evaluated, debts and taxes are paid, and the remaining assets are distributed to the rightful inheritors.
Probate is the process of administering the estate and settling the affairs of someone who has recently passed away. If that person leaves a will, the will generally designates someone to be the personal representative of the deceased. The probate court will then name the personal representative to be the executor of the estate.
As we get older, our lives become increasingly complicated. We start new careers, get married, have children, and start building our family’s legacy. A big part of this involves planning for the future, and there’s no better way to do this than with an estate plan.
Surveys by various organizations show that only about one-third of all Americans have created a last will and testament, the essential building block of estate planning. The reasons for not having put a will in place range from “no idea how” to “I’m not wealthy enough.”
If you have ever needed to help make decisions about the funeral and disposition of remains after a loved one has died, you understand how many details there are in the process. You may also understand how difficult it can be to make any decision in the wake of a death. Grief makes choices challenging.
A will, or last will and testament, is a document that names your beneficiaries after you pass and it designates which of your assets each will receive. Estate planning is essential for anyone who cares about how their passing impacts their spouse, children, or beneficiaries.
Simple wills do two basic things: Allow you to say who gets your property and assets and if you have minor children, who raises your children if something catastrophic were to happen to you. This might be the exact goal you're looking to accomplish, and can be a great starting point for an estate plan; however, protecting your family carrying out your wishes can be much more complicated.
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.