Estate plans can have many beneficial purposes, but they can also prove less helpful than desired in some cases. Estate planning itself can have certain complications, but Texas residents could also hinder their plans' usefulness if they do not let their families in on the details of those plans. Without discussion, issues could arise after a person's death.
The results of one recent survey indicated that 40 percent of parents did not talk about their estate plans with their children. The reasons for not sharing this information can differ from person to person, but it often proves more beneficial to discuss the details of the plans, especially with individuals who are set to inherit a portion of the estate. Many estate plans have more negative outcomes than hoped because people who inherit money simply do not know how to handle the funds successfully.
By discussing the possible outcomes of property distribution and other aspects of their plans, individuals may be able to help loved ones understand how to handle an inheritance. Additionally, this discussion could help family members understand why parties chose to include certain details in their documents. If the information only comes to light after a loved one's death, surviving family may have questions that cannot be easily answered, and conflict could ensue.
Having a truly beneficial estate plan can take a considerable amount of effort. It may also require Texas residents to consider aspects of their lives and have conversations that could prove difficult. However, once the time has been taken to address these areas, individuals may have the ability to go through the estate planning process feeling confident in the decisions they make.
Source: Forbes, "Most Estate Plans Fail, But Yours Can Be A Success", Bob Carlson, May 9, 2018