Most any Texas resident can benefit from a well-crafted estate plan regardless of their wealth or the size of their estate. That said, even when people have developed a will or a trust there may be questions left that family members and other heirs raise once a person has died. When a famous person dies, some of these questions may even become very public due to media coverage.
If you are like many people in Texas, the thought of discussing the contents of your will or trust with your beneficiaries may not be something you want to do. This can be especially tricky if you believe that one or more of your heirs may feel slighted in some way by your wishes. However, before you give in to the temptation to remain silent while you are still alive and let everything be handled after your death, think again.
When you are looking to create or update your will in Texas, you should give special consideration to who you name to act as the executor of your will. It is best to avoid the temptation to just automatically select someone very close to you. Your spouse, adult child or sibling, for example, may logically be important to you but that does not mean that they are best suited for this very important task.
While you may assume that once your loved one has created a will, the final say has been made and all arrangements are concrete, the truth is that the validity and veracity of a will can be contested. One key to following the correct legal procedures is knowing when this can happen. This can help you determine whether you have the right to challenge a will’s validity, but can also help you understand the charges if someone else is questioning your loved one’s will. We at the Law Office of Randy Michel can help you present any evidence that supports the need to change a will or fight for the protection of a will that you feel is being improperly contested.
If you have been evaluating your options for how to evolve or update your estate plan in Texas, you no doubt have realized that there are many different types of trusts available for your use. Some have very specific purposes and understanding these is important if you are interested in maximizing your estate and beneficiary benefits.
Have you gotten married for the second or maybe even third time in Texas? If so, you are certainly not alone as many other people find themselves in a remarried situation and part of a blended family whether due to a prior divorce or death of a spouse. There can be many positive things about this transition but it may also add a new layer of complexity to one's estate planning approach.
Texas residents who are getting divorced certainly have many decisions to make about their divorce settlement. However, nailing down the particulars of a divorce decree is hardly sufficient and leaves many things potentially unfinished. For example, most married people name their spouses as their primary beneficiaries for things like life insurance or other survivor's benefits. They are also quite likely to be the primary beneficiaries of any assets in a will or a trust. So, when a marriage ends, it may be important that these documents and designations are updated.
If you are one of the many Texas residents who has already created a will or even a revocable trust, you may well feel that your estate planning work is done. Certainly you should feel good about having taken the time and effort to put these types of plans in place. However, you should not think that your work is completely done. There can be many situations and changes in life that make it important for you to make changes to your estate plan.
If you are taking a fresh look at your estate plan in Texas, you know that even the best plan can stand to use a facelift now and then. Life changes not just on your end but on your relatives' ends can make this so. Perhaps you have grandchildren now that you didn't have when you established your current plan. Maybe one of your children has gotten married or even divorced and then remarried. These are just some of the situations that may make you want to take a new look at things.
Are you a single parent in Texas? If so, you know firsthand some of the daily issues you must contend with when raising a child on your own. While managing these and taking care of your children is important, equally important is looking out for your children's needs in the event that something happens to you. Regardless of your age, estate planning should be a priority for you as a single parent for the benefit of your children.