Estate planning may seem overwhelming from a far glance, but when given strict attention, we can track that every asset in your household is given to the heir(s) that you have in mind. Before planning your will with the help of our attorneys, you should first create a list of all of your assets and how you want them handled.
However, there are multiple concerns to take into consideration when deciding your heirs. Here is what you should keep in mind.
Plan Your Heirs Ahead of Time
As you take inventory of all of your possessions for your will, consider which you’d like to pass on and who they’ll go to. Your property is classified by:
- Real estate
- Or separate
Even items passed from one generation to the next should be considered. It is not wise to assume that your family or spouse will receive all of your belongings and property if you pass without a will.
The state will determine whom receives what through a court and based on blood relatives.
Reassess Joint Owners and Your Beneficiaries
In some cases, there are certain items or accounts that allow you to choose an heir without having to do so through a will. For example, whom you chose as beneficiaries when initially planning for retirement funds, insurance, and bank accounts will remain heirs unless you choose otherwise in your will.
Choose the Best Witness to Recognize Your Heirs
An affidavit of heirship can be used when the deceased passes without creating a will that may have a great deal of real property in their own name. The witness will have to prove they knew the deceased and the deceased’s family history. The witnesses must also not be related to the family in any way and must not benefit financially from the estate that the heir is claiming.
What Can You Pass on to Your Heirs?
Assets and property vary per individual. If you are not sure which direction to take, contact our estate planning lawyers in McAllen. With our dedicated team, we will do our best to move you along the right path.