Whiling preparing your estate planning documents, it’s important to know how to designate your beneficiaries. Often times, parent’s or grandparent's first instinct is to designate their spouse and then their children or grandchildren as alternate beneficiaries. This can create a major problem.
In the state of Texas, minor children (any person under the age of 18) cannot legally own any real property or be entitled to receive any assets.This means that if minor children are designated as beneficiaries, they need a guardian of the estate appointed by the court to control the assets or property on their behalf until they turn 18 years old.
If you or a family member has designated minor children as beneficiaries on any current documents, it may be time to reconsider. Please contact a probate attorney to discuss the alternatives.
Learn more about designating minors as beneficiaries.
Do You Need The Guidance Of An Experienced Estate Planning Attorney?
If you find yourself thinking more and more about how to preserve your assets for your family you should speak with an experienced estate planning attorney as soon as possible. Contact us online or call our Dallas office directly at 214.559.7202.