Life is unpredictable, and each year can bring significant changes to person's life, financially, personally and professionally. Some of these changes are quite significant, and it's important that person's long-term planning documents reflect these changes. A Texas reader would be wise to review existing plans and make estate planning updates and changes as necessary.
It is common for individuals to name executors to their estates before their passing. Though a person may accept the role of executor, he or she may not fully know what that entails. In particular, that person has the responsibility of handling the probate process in order to close the estate.
Uncertainty and a need for control can often drive many people's motivations. When a loved one passes away and the remaining estate needs to be settled, it is not unusual for surviving loved ones to wind up in conflict over who should control the estate or at least portions of it. In some cases, probate litigation may be necessary in order to get to the bottom of the issues.
Though you may know you have the responsibility of opening the probate proceedings for your recently deceased loved one's estate, you may have many questions about the process. If so, you do not have to feel unsuited for the position of executor. Most people who take on this role do not have a full understanding of probate proceedings or their exact duties.
There are certain instances in which having expectations can cause more harm than good. However, when a person indicates through his or her estate planning documents that funds will be given to a particular organization, having the expectation of receiving those funds seems appropriate. If sudden changes result in that expectation not becoming reality, probate litigation may result.
For many Texas residents, understanding the ins and outs of finance is not their forte. As a result, they may find themselves facing many situations in which they wonder how to take the right steps for handling their money. When a parent dies and that person's remaining financial affairs fall into the laps of their surviving adult children, those children may feel at a loss as to what to do. However, many financial aspects must be addressed during probate.