Updated
Updated · Tyler Morning Telegraph · Aug 16
Kyle Penney Urges Will Updates and Charitable Gifts During August's Make a Will Month
Updated
Updated · Tyler Morning Telegraph · Aug 16

Kyle Penney Urges Will Updates and Charitable Gifts During August's Make a Will Month

1 articles · Updated · Tyler Morning Telegraph · Aug 16

Summary

  • Kyle Penney used August's "Make a Will Month" to press readers to create or update wills, saying estate plans should also spell out any charitable gifts.
  • Texas law will impose a default distribution plan if no will exists, he wrote, a route that can take longer, cost more and leaves no built-in provision for charity.
  • Beneficiary designations on retirement, investment and bank accounts can move assets directly to people or charities and often avoid probate, while some estates may also benefit from trusts.
  • Penney said attorneys and estate planners can tailor documents for changing family needs—including minor children, disabilities and aging spouses—and keep plans aligned with current wishes.

Insights

How do continuous changes in state probate laws secretly undermine the estate plans you created just a few years ago?
Why might a fully drafted living trust still force your family into a lengthy and expensive probate court battle?
Could leaving your retirement account to your children actually cost them more in taxes than giving it to charity?