In Texas, the estate planning process involves methods of mitigating the risks of seizure and collection efforts. The estate owners start a plan when they have wealth and assets that require protection and new ownership assignments after the owner passes. An estate planning lawyer in Lubbock, TX provides details about the plans and the estate owner’s options.
Creating a Will for the Estate Owner
A will helps an estate owner assign new ownership for their assets. The owner adds stipulations to protect assets for heirs who are underage when the owner dies. Guardianship of minor children is also addressed in the will.
Establishing Trust Funds for the Children
Trust funds allow estate owners to give their wealth to their children. The stipulation of the trust funds prevents the heir from accessing the money before they are a certain age. The estate owner can add money to the trust fund at any time and in any amount they choose.
Irrevocable Trusts for Protecting Assets
Irrevocable trusts separate certain assets from the estate and protect them from probate. The estate owner transfers any asset into the trust whenever they choose. The owner chooses a successor to take over the trust when they die. If the owner wants to remove an asset from the trust, they can do so whenever they choose. The owner can also add stipulations to the trust and prevent the successor from selling certain assets or using them unethically.
Healthcare Directives and Living Wills
A healthcare directive provides a proxy with the right to make decisions about the estate owner’s health needs. The directive includes a living will that directs medical staff about extraordinary measures and life support. The healthcare proxy enforces the living will and manages all medical requirements for the estate owner.
In Texas, estate planning helps owners protect their assets and divide them among their family. The plans include a will, trust funds, and irrevocable trusts. The owner’s options help them choose which family members receive their assets and when. Healthcare directives also help them make decisions about their future healthcare needs. Estate owners who want to learn more about the process can contact an estate planning lawyer in Lubbock, TX and schedule a FREE consultation right now.