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Is it possible to make a bequest and stop it from being sold?

On Behalf of | Mar 29, 2024 | Estate Planning

Estate planning in Texas is a vital step for individuals seeking to preserve their legacy and fulfill their wishes. One common query among those crafting their plans is whether it is feasible to include provisions that prevent the sale of a bequeathed asset. This blog post delves into the intricacies of our state’s estate law to provide clarity on this matter.

Understanding bequests

A bequest, a provision within a will or estate plan, designates specific property or money to be given to a chosen beneficiary. Texas law allows for the creation of such bequests, enabling individuals to dictate the distribution of their assets after death.

Strategies for preventing the sale of bequeathed assets

To safeguard a bequeathed asset from being sold, the estate plan must incorporate legal mechanisms that restrict the beneficiary’s ability to transfer the property. One effective method is establishing a life estate. This grants the beneficiary the right to utilize the property during their lifetime, with ownership transferring to a remainderman thereafter.

Alternatively, placing the asset in a trust with clear directives regarding its use and disposal offers another layer of protection. Trusts afford greater control over assets and can include specific instructions binding the trustee and beneficiaries.

Legal considerations and constraints

While it is feasible to impose limitations on the sale of bequeathed assets, there are legal boundaries to navigate. Texas law upholds beneficiaries’ rights to freely use and dispose of their property. This means that you must carefully draft to avoid contravening public policy or statutory provisions.

Excessive restrictions may invite disputes among beneficiaries, potentially requiring judicial intervention. Therefore, it is crucial to strike a balance between asset protection and respecting beneficiaries’ needs and entitlements.

Conclusion

In summary, Texas estate planning permits the inclusion of bequests with provisions to prevent asset sales, provided they comply with legal standards. Leveraging tools such as life estates and trusts empower individuals to exert control over their bequeathed assets while ensuring plan effectiveness and enforceability.

 

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