It's important for grantors to know where their assets will be distributed in the event of their death. Estate planning can facilitate that and allows the grantor to name beneficiaries. Although this process is essential, it can also be complicated when dealing with an extended family in Texas. There are ways to curb the complications by creating a trust.
Estate planning with trusts for Texas extended families
Texas grantors can benefit from power of attorney in estate plan
Estate planning generally gives estate owners and beneficiaries a sense of peace. There are certain documents that must be included to have a well-executed plan for Texas residents. Power of attorney is one of the most vital documents to include in an estate plan.
Texas living will: Planning end-of-life care
Texas residents without a living will may not be aware of the importance of having a plan in place, or they may feel like this type of plan can wait for when they are old or sick. At any time, an individual may end up in a situation where he or she is incapacitated and unable to make health care decisions. Therefore, having a living will can be helpful to the individual as well as his or her loved ones.
Estate planning for the not-so-wealthy in Texas
A person does not need to be wealthy or have an enormous amount of assets to create an estate plan. Well-organized estate planning ensures that Texas estate owners leave their assets to the intended person, even if they have a limited amount. It's important to be aware of what components to have.
Portability election on Texas estate
An estate owner can opt out of portability election. There are certain ways in which to carry this act out. In an instance where a tax return for an estate is not required, it will be considered as a choice to not participate in portability election under a specified Internal Revenue Code. If an estate tax return is filed, then the Texas executor must submit a confirmatory statement to remove portability election.
