For many Texas residents, estate planning sounds like something to do with financial matters and subjects such as who will receive great-aunt's jewelry collection. Although estate planning, including wills and other documents, are involved in the process of distributing the assets of a deceased, planning ahead can also ensure your wishes about other matters are known.
If you live in the state of Texas and are faced with the estate planning process, you will likely begin to consider the finer details associated with wills, trusts and other documents.
No matter who you are, there will likely come a time when you begin to consider the estate planning and administration process.
Most Texas residents are interested in leaving some type of legacy for children or heirs. Though many individuals likely don't think of estate administration on a daily basis, it's important to plan ahead if you want to leave heirs financially sound. Estate planning isn't only for the wealthy. Planning ahead lets you choose how to distribute assets, but it also protects heirs from taxes or creditors.
When it comes to estate planning in Texas, discussing your intentions with your loved ones is of utmost importance. As difficult and awkward as this can be, getting your affairs in order while you are still able to do so is essential.
Phillip Seymour Hoffman has been laid to rest. Now the speculation begins about how his estate will be divided. As we highlighted in a prior post, Hoffman was not married, even though he and longtime girlfriend Marianna O’Connell have three children together; two daughters and a son. Also, Hoffman’s estate is rumored to be worth upwards of $35 million.
If you ever wanted a great trivia question to break out at cocktail parties, just ask what Gail Posner, Alexander McQueen, and Leona Helmsley all had in common. After getting past the quizzical looks you’ll probably receive, you can reveal that all of them (who were wealthy individuals) all created trusts for their pets. After they passed away, the trio left an average of $13 million for the care of their dogs.
Texas individuals who fail to create an estate plan may put their wealth and heirs in jeopardy. The laws of intestacy take over when wills are not in place, so some intended beneficiaries may not receive anything under a particular state's laws. Additionally, the estate may have to pay out money in taxes that otherwise could have gone to beneficiaries if a solid estate plan was in place. While some individuals may avoid creating an estate plan so that they do not have to think about what will happen if they die, drafting a basic will does not have to be a somber process.
It may seem tempting to attend the funeral of someone who brought nothing but pain, frustration and despair to your life, so that you have the opportunity to say exactly how you felt about the person and let everyone know about it before saying a final goodbye to that person. While it is certainly not unheard of for people to do this, penning a harsh obituary is out of the ordinary.