Division of assets is a critical component of a will or estate plan for Texas residents. Most individuals want to ensure that heirs are treated fairly and an inheritance is divided equitably. An estate planning expert recently offered insight on how to protect assets for future heirs and ensure that someone's intentions for distribution are respected.
An issue arose regarding an estate plan that included both someone who would receive farmland and others given various monetary instruments. It was noted that any obligations against the estate would be paid out of the monetary instruments involved. However, the family members receiving the money may be resentful of fulfilling these obligations and seeing an inheritance dwindle while others are not affected.
Experts stress the importance of having adequate long-term care insurance. Many believe they have enough, but the increasing cost of care has left many people with insufficient coverage should a catastrophic illness or debilitating condition occur. Another issue to address is the increase in the cost of living. It is important to note that the longer someone lives, the higher the cost of living will be.
Very few people feel comfortable discussing what will happen when they're not around anymore, but it is imperative to address inheritance issues before it's too late. Contacting a Texas attorney familiar with estate planning law can be a great first step toward protecting a family's assets today and in the future. A knowledgeable attorney is a wonderful resource to help navigate all the complexities of estate planning.
Source: tristateneighbor.com, "Do your best to protect all types of inheritance assets", Michael Baron, April 4, 2017