Losing a parent is never easy, and it can be even harder when dealing with complicated legal matters soon after. This is especially true when it comes to inheritances. An inheritance is usually much more than just some extra money or property to look forward to; rather, it is often a sincere and final gift from a dearly missed parent or spouse. Understanding how Texas' inheritance law works can help people make their wishes explicitly clear in their estate plans, and also gives heirs the confidence to assert their rights.
Receiving assets from a recently deceased loved one can often seem like a blessing. The inheritance could allow a person to still feel connected to his or her loved one, or it could help an individual handle a difficult financial spot. Of course, even if individuals anticipate receiving assets, it is important to remember that it may not be a guarantee.
Retirement plans can have several different components. They not only take care of an account holder, but can be passed on to a family member or another individual after the account holder has passed on. Some of them include a retirement account known as a Roth IRA. When this type of retirement account is part of an inheritance, the beneficiary may have many questions about what to do with it. Fortunately, experts have several helpful suggestions for anyone here in Texas in this situation.
There are some parents in Texas who work their entire lives with the plan of leaving whatever assets remain at the time of their death to their children. There are others, however, who worry about how leaving their children with a large inheritance will ultimately impact them. While most people in the United States inherit $50,000 or less, there are a significant number of people left determining how up to $25 million or more will be distributed.
Most parents in Texas work hard to ensure that none of their children feel as if their siblings are favored in some sort of way. While ensuring that each child has the same opportunities in their life is understandable, there are often extenuating circumstances that could lead a parent to leave one child a larger inheritance than others. Parents who may be considering doing so may be unsure of the best way to do so.
The news in Texas and around the nation was full of stories regarding how Aretha Franklin died without a will in August of 2018. Many questions involving inheritance issues arose since there was no estate plan in place, specifying who should receive her assets. Recently, three handwritten wills were found at Franklin's home, creating even more confusion about the Queen of Soul's legacy.
When most Texas residents and others around the country learn that they have been included in someone's will, they begin dreaming of what they will receive one day. It may be something of monetary value, such as property, cash or a business interest. On the other hand, items of sentimental value can be just as meaningful. However, what happens if a person is not happy about receiving an inheritance?
Those Texas residents who still have their parents or grandparents in their lives likely count themselves as fortunate. For many, having the older generations of family members still with them is priceless. Of course, it is natural to assume that individuals will receive an inheritance after the passing of their parents and grandparents. In fact, a recent study by a national investor management group revealed that a large number of young people expect these inheritances. However, expectation and reality do not always coincide.
Many Texas parents, and even grandparents, often want to make sure that their young loved ones are provided for in the event of their passing. It is common for individuals to use estate planning tools, like trusts, to protect and allocate assets. However, some people may wonder whether those beneficiaries should know that the trusts exist.
Estate planning is a process that enables Texas residents and others around the nation to specify exactly how they would like to distribute their assets after they have passed away. A person's estate plan may consist of only a will or be more complex with different types of trusts involved. Regardless of its complexities, a basic step in any plan is naming beneficiaries. Experts stress the importance of making thorough and ongoing reviews to ensure that one's beneficiary designations are up to date in all documents included in an estate plan.