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Avoiding mistakes with estate planning in Texas

It is possible to make mistakes when it comes to estate planning in Texas, even if you do not intentionally try to give more to one person than another in your will, that can cause conflict with your family after you pass away. Those who are preparing their wills in Texas need to be aware of these potential mistakes so that they can avoid them if possible. It is important to make sure that everything is set up correctly long before it is needed.

For example, take the story of a man who actually worked very hard to make things equal for his children. As soon as they were old enough to drive, he gave them all cars that were worth exactly the same amount. He established accounts for each child when they were born, putting the same amount of money into each account. After the passing of the children’s mother, he did his best to set his will up so that all three children would get exactly one third of everything that was his upon his own death.

However, he made one big mistake in his estate planning. He forgot how he had set up his retirement fund back when he had only one child. That eldest son was named as a beneficiary on the fund, as was his wife, who then passed away. Since he did not change this, the eldest son ended up getting far more than his siblings when the father died.

Even when trying to make things equal, small designations can be overlooked that have a drastic impact on how money is divided. It is worth it to take some extra time to go over everything and make sure that these little mistakes are fixed.

Source:  The Glen Rose Reporter, “LIFE CARE PLANNING: LIFE CARE PLANNING: Don’t mess up your estate plan” Sandra W. Reed, Apr. 24, 2014