When creating an estate plan, many Texas residents may not know what documents could work best for their circumstances. Because there are a variety of tools and options that could potentially be utilized, this type of confusion is understandable and not uncommon. In hopes of better narrowing down what type of estate planning methods may work best, individuals may want to assess their needs and desires.
If parties are fine with the idea of their estate going through probate, creating a will may work as the foundation of their estate plans. Individuals can use this document to name their desired executor or personal representative, and that person will have the duty of seeing that the estate moves through probate correctly. This process helps ensure that affairs are settled as they need to be.
If individuals would rather avoid the probate process for the sake of their family members, they may consider alternative planning tools. Using joint accounts and naming beneficiaries to other accounts could allow the assets in those accounts to pass directly to the named people. As a result, probating those assets would not be necessary.
When it comes to estate planning, each person typically has his or her own vision for what their plan encompasses. Each plan should be unique as every estate is different. If Texas residents have concerns over what documents and planning tools may best suit their needs, they may find discussing their options with knowledgeable attorneys beneficial. These legal professionals could answer questions and provide specific insight into each person's estate.
Source: miningjournal.net, "Where there's a will there's a way", Christie Bleck, Aug. 31, 2017