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Estate planning for complex and vast estates

On Behalf of | Nov 5, 2022 | Estate Planning

After the recent death of Queen Elizabeth II, heirs and beneficiaries can have a clear understanding of what assets and property they can expect to inherit. This is due to a carefully crafted estate plan that properly addresses all aspects of transitioning her complex estate. However, this is not the case for actress Anne Heche, who recently passed away without a clear plan in place. As a result, her son will be forced to navigate a complicated court process. 

Lessons from the rich, famous and royal 

Most Texas adults do not have vast estates, multiple homes and millions of dollars. However, the contrast between these two situations can provide insight for average individuals into the importance of having a plan in place. By having a thorough and complete estate plan, Queen Elizabeth II had the final say over what happens to her property and wealth. 

Though Ms. Heche’s death was unexpected, she was not prepared for a contingency. Because she lacked a plan, her older 20-year-old son will have to go to court to be named the administrator of her estate and guardian of his younger brother. The process of deciding what happens to her property and assets may be left to the discretion of the court. 

Facing the future with confidence 

With an estate plan in place, a Texas adult can face his or her future with confidence. Even if an estate is not complex or large, having certain documents can provide benefits and protection for loved ones. An estate planning attorney can help one understand the specific steps that are necessary for his or her full protection. 

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