Getting a jump on decisions related to how an estate will be handled may prove useful. Luckily, estate planning could help interested Texas residents make those decisions and get their affairs organized. Because there are many options when it comes to creating a plan, more information on certain documents may be beneficial.
Many individuals may think of wills and trusts when it comes to estate plans, but they may not know which could suit their needs. Though trusts are commonly known for getting surviving families out of probate proceedings, wills may be better for some individuals’ cases. A will gives the probate court some authority over the estate. This authority could come in handy in the event that decisions regarding the estate come under fire from beneficiaries. If decisions are first given court approval, there may be less likelihood of conflicts.
A concern that some parties may have when it comes to estate affairs is debts and creditors. Creditors have up to nine months to file a claim against an estate after an individual’s death. However, because a will goes on the public record, publishing a notice of estate administration may reduce that window from nine months to three months.
Because each person’s life is unique, the decisions made regarding how he or she may want to organize end-of-life affairs are also unique. Therefore, Texas residents who want to get started on estate planning may want to becoming more knowledgeable concerning their options. Discussing life-aspects and concerns with experienced attorneys could help individuals get on the right track with their plans.
Source: nwitimes.com, “Wills vs. trusts: some advice“, Christopher Yugo, Jan. 15, 2017