Most Texas residents don't give much thought to what might happen when they die or if they become incapacitated. Many believe they do not have enough assets to worry about creating a plan. However, financial experts contend that those with assets over $150,000 total, including their home, should carefully consider estate planning.
Should someone avoid creating a plan for his or her estate, a financial expert has warned of some consequences. First, a family would require a court order to access funds of a deceased person if no estate plan was in place. They would not immediately have access to funds to pay for funeral expenses or other costs. In addition, they could potentially incur significant costs should they dispute a probate court's findings.