In Texas, estate planning helps estate owners protect their assets more proactively. The process involves several different establishments where assets are transferred out of the estate. An Estate Planning Lawyer in Lubbock TX helps estate owners create a plan to keep more assets with their families.
Creating a Will for the Estate Owner
A will for the estate owner distributes their wealth and assets to their family members. The assignments are clear, and the executor of the estate reads the will to the family after the estate owner dies. Stipulations in the will protect minor heirs when a new guardian is assigned. The protection prevents the new guardian from using the heir’s inheritance unethically.
Establishing an Irrevocable Trust
Irrevocable trusts are beneficial to estate owners and separate assets from the estate. Once assets are separated, the probate court no longer has access to the asset. The estate owner is no longer the owner of the property on paper, and creditors cannot seize the assets through the probate process. A successor is identified to take over the trust when the estate owner dies.
Why You Need Trust Funds
Trust funds are the easiest way to transfer wealth to heirs without serious issues or high tax implications. The estate owner determines how much money goes into the trust fund and when the heir gets access to the fund. Typically, the heir has to wait until they are an adult to get the money, and most estate owners limit how much money is accessible each year.
Are Early Transfers Necessary?
Early transfers are necessary when an estate owner has been diagnosed with a progressive illness. It is best to go ahead and complete the transfer while the estate owner is lucid. If they aren’t lucid at a later time, the court won’t allow the transfer.
In Texas, estate planning services help estate owners set up a will for distributing their assets to their loved ones. An executor is identified in the will, and he or she reads the will to the family. Estate owners who want to learn more about the process contact an Estate Planning Lawyer in Lubbock TX or Browse our website right now.