Creating an estate plan may make it possible for a person to maintain control over a house or other property. It may also allow a person to ensure that a business based in Texas would pass to a child or otherwise remain in the family after he or she passed on. In many cases, a major life event will spur a person into writing a will or looking into creating a trust.
However, before an individual creates a will, trust or other plan document, he or she should know why the document is being drafted. It is important to consider who may serve as an estate executive or as a trustee. A family member, close friend or financial institution could serve as an executor or trustee depending on who a person believes is best able to act in a fiduciary capacity.
Those who don’t have insurance may want to consider buying a policy to help supplement their income. Plan documents will need to be executed before they become valid tools for helping a person protect assets or name a guardian for their children. Once documents have been executed, it is a good idea to review a plan every few years. It can also be a good idea to review a plan after a marriage, divorce or the birth of a child.
An attorney may be able to help with estate planning and probate questions a person may have. Counsel may also help individuals ensure that a trust has been properly executed or that assets are titled in its name. Using trusts or beneficiary designations might keep assets out of an estate, which may help to avoid probate.
