Some Texas residents might avoid estate planning because they think they are avoiding complex issues that may be time-consuming to address. While those people would be correct in terms of how a comprehensive estate plan should be designed to attempt to address all possible scenarios, the process can actually be less complicated and time-consuming than you might think.
One of the primary concerns for those who are getting into the estate planning process in Texas is passing on real estate to their designated beneficiaries and heirs. The “family home” might not be the only real estate involved. There is plenty of land in Texas, and many people own much more real estate than just the home where they live.
Passing on real estate
A recent news article noted one important aspect of passing on real estate through estate planning that some people may not think about: Do you heirs and beneficiaries even want your real estate, and the issues that might bring them? Passing on real estate isn’t like passing on funds. Real estate is a unique asset. The recent article mentioned that this asset, perhaps above all others, is one that should be discussed with those who are intended to receive the real estate as part of your estate plan.
Transferring real estate can be a tremendous wealth transfer. If you believe that real estate will be a primary part of your estate, be sure to get the right information about all of your available options and how your comprehensive estate plan should be structured.