Making verbal promises for asset transfers do not hold up once a person is deceased. Failure to do proper estate planning can result in the state of Texas stepping in to choose how assets will be distributed. Any person can create an estate plan regardless of how much or how little he or she has.
One of the most general and important documents to include in an estate plan is a will. A will is a set of instructions on how an individual wishes to have his or her affairs handled once he or she is deceased. Wills do not just address the matter of assets, they also address matters involving children. It is recommended that parents designate a guardian, just in case both parents become deceased.