Estate Planning, Guardianship, Real Estate, Trusts, Wealth, Will Contests, Wills

Why Being Charitable in a Will is a Problem

Don’t get me wrong. Being charitable is great. And I know for certain I can be more charitable myself.

But there are some weird consequences if you decide to be charitable in your will and you pass away in Texas.

In Texas, when you pass away with a will, most of the time you will have to go through probate.

Probate is the mandatory process by which you will have to go before a judge to validate a will in order to receive permission from the judge to access the deceased’s assets.

During probate, you have to usually send out mandatory notices to creditors and people who receive assets under the will. It’s a lot of information gathering, sending snail mail, and being organized. An overall hassle that takes a lot of time and money to accomplish.

AND, here’s the catch: if you decide to donate your assets to a charity in your will, you MUST send notices to the charity AND the Texas government.

This is not good for you and your estate. Let me explain.

The State of Texas is legally required to oversee every transfer out of a will or trust that is going to go to a charity, government agency, or state.

It’s weird, I know, but that means the government gets involved with your charitable donation. More snail mail, more information gathering, more emails, and, more importantly, more time and money out of your life.

And, if you have worked with the government in any capacity, you’ll know that it can be a seriously slow endeavor.

All of this because you wanted to be a good person and gift some of your estate to well-intentioned people.

Don’t get me wrong! This is not a notice that you should act like Scrooge McDuck; but there are better ways to get your donations and gifts to charities of your choice without making probate even longer and more expensive.

There are plenty of legal options out there: lifetime gifts, setting up payable-on-death accounts, and even buying insurance or annuities can help.

Get your estate plan done by a professional, like Legion Law, in order to address all these concerns. Our estate plans are cost-effective, comprehensive, and are designed to stand the tests of time.

It wouldn’t be the Legion Law Letter without offering information on how to get in touch with your estate planning and probate attorney. Feel free to schedule a meeting at legionlawpllc.com/contact-us/ for any questions, concerns, or issues you need resolved.

Cheers,


Derek Christensen

Founder of Legion Law, PLLC

One thought on “Why Being Charitable in a Will is a Problem

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