From the time a person starts school in Texas plans are being made for the future. Parents work for their children to have a better life and a chance at a promising career. The children begin planning for careers as they mature and begin to consider college and future plans. If people put as much thought into planning wills and other components for the end of their lives, they would be able to enjoy life and retirement with true peace of mind.
The stories of Aretha Franklin and Prince are by now familiar in that they passed away without having an estate plan in place, resulting in drawn-out legal proceedings to settle their large estates. There are certain steps that can be taken that will help ensure that one’s final wishes are carried out. In addition to having an up-to-date will, appropriate life insurance can help provide income for a family. This may be particularly important when children are young. Regarding insurance and other accounts, make sure that beneficiary information is up to date as beneficiary designations are typically not superseded by instructions in a will.
In addition to an updated will, a comprehensive estate plan may also contain trusts. One of the benefits to having a trust is that it allows the settling of the estate to be private by providing a means to avoid probate, a legal process that is used to determine the validity of a will. A will does not go into effect until a person passes away but a trust allows one to control aspects of one’s estate while still living.
Wills and trusts are effective tools for estate planning in Texas. While the terms are familiar to many people, the intricacies of them may not be. A person in Texas who is looking to establish a comprehensive estate plan that provides for his or her heirs while leaving a worthy legacy of a life well lived could benefit from consulting with an attorney who is knowledgeable in the area of estate planning.