To ensure the ease of your loved ones handling your assets after your passing, it’s important to take the time to undergo estate planning. Texas residents have many different types of legal methods for handling various types of assets and accounts that they want to pass on to their beneficiaries. To help ensure that the process goes smoothly, it’s important to avoid some of the most common mistakes that people make.
Not having a will
Probate and estate administration is something that every adult American should plan for. It’s important to take the time to fill out a will and let others know that you’ve done so. This way, it’s very clear how you want your estate handled and who your beneficiaries are. In the event that you do not have a last will and testament prepared, your state intestacy laws will determine who gets your assets.
Not keeping assets out of probate
Probate process is a state process where your will is validated, and your assets are passed on to your heirs. The probate process can take anywhere from six months to three years, depending on the size of your estate. One thing that most people don’t realize is that there are different financial strategies for keeping assets out of the probate process. This helps to ensure that they get transferred to your heirs upon your death without them having to wait. A couple of examples of how you can keep assets out of the probate process is to set up a trust or set up joint ownership on various assets.
As the years go by, you tend to gain more and more assets. Having a plan for what’s going to happen to those assets after your passing is a necessity to ensure that your loved ones don’t have to deal with a long and drawn-out process. It’s always a good idea to speak to an attorney about your estate plans to ensure that they’re drafted correctly.