In Texas, estate owners address common issues that could lead to financial losses. These common obstacles could relate to outstanding debts. The probate process could present these financial hardships for the estate owner’s family. The following are options that a Probate Lawyer in Fort Worth Tx provides estate owners.
Creating a Will
A will provides the estate owner with full control over their full estate. They address what family members are afforded with their wealth and assets. The document also defines guardianship for their children if they die before the children reach adulthood. The estate owner includes provisions for these assignments that prevent the unethical use of assets and prevents a guardian from taking advantage of any financial awards for the children.
Asset Protection for Estate Owners
Another effective strategy for protecting assets is to transfer assets of a higher value into an irrevocable trust. The trust allows the transfer of assets without the loss of ownership. The estate owner can transfer as many assets into the trust that they prefer. They retain the right to use these assets any way they prefer. The owner must assign a new owner for the trust through estate planning.
Early Property Transfers
If the estate owner prefers, they can transfer ownership to a family member at any time. This is beneficial when the owner has been diagnosed with a life-threatening or mentally debilitating illness. This prevents seize by nursing home facilities if the owner must be admitted into the facility due to their condition.
Creating Trust Funds
Trust funds are an option for estate owners to transfer money to an heir. They have the right to transfer any value they prefer at any time into the trust fund. They can also provide provisions to prevent their heir from wasting this award.
In Texas, estate owners prevent hindrances that can lead to financial losses. These losses could be presented through the probate process if a creditor files a claim against the estate. Estate owners can utilize legal avenues to protect their assets through estate planning practices.
