Individuals in Texas may not want to think about what may happen to their assets after they pass away, but creating estate plans can be smart moves for them and their family members. A detailed plan can ensure that a person’s assets end up in the right hands long term. Here is a rundown on estate planning.
Value of estate planning
Individuals who create estate plans document who will receive their money and other assets after their deaths. Estate planning usually involves creating a last will and testament. However, it may also include establishing a trust. A will takes effect after a person dies, while a trust can be activated while its creator is still alive.
Drafting a will can help a person’s family stay on good terms when it’s time to divide the person’s assets after they pass away. Wills can also make things easier for the person’s loved ones by avoiding legal complications. After the estate owner dies, the will is filed and presented for probate. The court will determine its validity and once accomplished, oversee the administration of the estate according to the terms of the will.
How an attorney can help
The estate planning process can be complicated, but this is where an attorney in Texas can help. An attorney can assist an individual in developing a well-thought-out estate plan that reflects his or her wishes, as well as his or her family’s best interests. The attorney can also help the client readjust the plan throughout his or her lifetime as needed.