Even with the best of intentions, some Texas residents may not make the best estate plans possible. They may understand the importance of having a plan, but if they do not have other important information, they could end up making matters more difficult for their families. In particular, making estate planning mistakes can prove detrimental.
One issue that some parties may run into is not realizing that they can keep some of their assets out of probate. Probate can be a long and difficult process to complete, and it means that family members and other beneficiaries will have to wait until the end of the process to receive their assets. However, individuals could use other planning tools, like trusts or beneficiary designations on payable-on-death accounts, to allow assets to pass more quickly to beneficiaries.
Additionally, it is important that individuals remember to update their estate plans if they move. Creating a plan is certainly a good idea, but forgetting to update it after moving to a new state could render it useless. State laws regarding estate plans vary, and a plan made in another state may not be valid under Texas laws.
Because the potential for oversights and errors exist, it is wise to update estate plans periodically. Going over one’s details with experienced estate planning attorneys can help ensure that everything aligns with the applicable laws and that the information is beneficial for the testator and the beneficiaries. Legal professionals can also provide information on planning tools that could help make any Texas resident’s plan more comprehensive.