Most Texas residents don't give much thought to what might happen when they die or if they become incapacitated. Many believe they do not have enough assets to worry about creating a plan. However, financial experts contend that those with assets over $150,000 total, including their home, should carefully consider estate planning.
Should someone avoid creating a plan for his or her estate, a financial expert has warned of some consequences. First, a family would require a court order to access funds of a deceased person if no estate plan was in place. They would not immediately have access to funds to pay for funeral expenses or other costs. In addition, they could potentially incur significant costs should they dispute a probate court's findings.
Depending on the estate or on the family, the process could last for many months or even years. Another thing to avoid is an inheritance possibly going to the wrong person. A court would likely make an obvious choice as a beneficiary, according to state laws, and this could cause problems in the future. Finally, the financial expert addresses circumstances where properties are owned in multiple states. It is noted that those properties may fall under multiple probate courts and that time and cost would increase for every state involved.
Avoiding estate planning can lead to many problems for surviving loved ones. Residents in Texas can avoid these consequences by contacting an attorney skilled in the estate planning process. Seeking the advice of an experienced lawyers can help to prepare for the future and protect hard-earned assets.
Source: huffingtonpost.com, "5 Consequences of Avoiding Estate Planning", Cindy Tansin, Feb. 11, 2017