When a celebrity passes away, it is common for information regarding his or her life and death to come into public light. In particular, several famous and wealthy individuals have died without having created an estate plan. Estate planning can benefit surviving family members in many ways, and without it, complications could easily result.
Aretha Franklin is the most recent celebrity to pass without having a will or trust in place. Individuals in Texas will certainly want to avoid this type of scenario as this lack of information may not bode well for their families. In particular, if parties, like Franklin, have special needs children, creating a special needs trust could prevent those children from obtaining a financial windfall that could negatively impact their ability to qualify for needed government benefits.
Even if a trust is not created, a will can still help lessen the likelihood of hardships during probate. Families often face contention when the state decides who receives a deceased individual’s property, and even just some information could help make a person’s wishes better known. Of course, privacy wishes may also come into play, and because a will becomes part of the public record, parties may want to look into other options for keeping their affairs more private.
Estate planning is different for everyone. There are no right tools that fit every situation, though everyone can benefit from at least having a will. Texas residents may find it in their best interests to review the planning options available to them and decide what steps could allow them to address their estates.