Living trusts can be an essential aspect of a person's estate plan. Estate planning in Texas and everywhere else utilizes a will to dispose of any assets owned at the date of death by the testator, who is the person who made the will. Estate planning uses living trusts to dispose of assets during life with the option of making the transfer of assets either revocable or irrevocable.
There's generally no good reason in Texas or elsewhere why you can't have both a traditional testamentary will and a living trust at the same time. Both of these legal instruments specify what should be done with certain assets upon the owner's death. Living trusts are similar to wills in that respect but the assets are conveyed to the control of the trust during life. In the case of the will, the assets are not transferred until after death and probate of the will.
When it comes to talking about creating a will, many people in Texas may shy away from the subject and prefer to talk about more lighthearted topics. Putting together a will, however, is essential for making sure that one’s earthly possessions are passed on to the right individuals when one dies. It also helps to prevent discord among surviving family members -- discord that can alter family relationships permanently.
Because an estate plan in Texas and elsewhere consists of a variety of “legal instruments” that must pass muster under state law, it’s best to give up any thoughts of doing them yourself. Consider working with professionals to get your estate planning done as a classic ‘team effort’ geared toward accuracy and legal compliance. It’s true that estate planning also seeks to maximize the value of the estate’s assets, and to minimize tax drains, and these efforts are included in the process.
Whether a person is single or married, an estate plan is an important tool to ensure that wishes are carried out after death. Understandably, many Texas couples choose to have their spouses listed in their estate. Same-sex couples, however, may have complications when it comes to creating their estate plans.
There are many people who would like to save money on estate planning services. Due to this, a number of Texas residents utilize do-it-yourself web sites to create wills and other estate planning documents. While this can be cost-effective, blunders can occur that can cause disaster in the long run.
Age does not matter when it comes to planning an estate. Nothing is guaranteed in life, and estate planning can help surviving family members to be more at ease when handling affairs. Even for Texas residents who feel that they do not have many assets, having an estate plan can still be crucial.
Men and women approach estate planning in different ways. Women are believed to live longer and have custody of their children. Approximately 36 percent of women who are over the age of 65 are widowed. However, there are ways Texas women can have an easier time with estate planning.
There are a variety of ways individuals can leave behind assets to their family and loved ones. One of the most efficient ways for Texas residents to ensure that their wishes are carried out after death is through proper estate planning. There are different components and tips that can be included in estate plans.