In Texas, local residents explore the requirements for achieving asset protection. Asset protection helps them to reduce the potential for a financial loss for their family. During the probate process, creditors can file a claim against an estate to collect debts. A Probate Lawyer could help an estate owner or consumer to protect their assets through careful measures.
Managing the Estate Planning Process
The estate planning process enables the owner to transfer assets out of their estate. They can create trust funds, irrevocable trusts, and transfer property directly to a family member. They plan out how they want their wealth and assets distributed to their loved ones during the process. They also review measures to prevent unaffordable tax liabilities.
Completing Probate for the Estate
The probate process requires an attorney to review all creditor claims to determine if they are valid. The attorney rejects any claims in which the creditor has already collected the balance of the debt through an insurance claim. If the creditor has a valid claim, the attorney must identify a strategy to enable seizure of an asset to pay off the debt based on the outstanding balance.
Administration of an Estate
An attorney can also act as an administrator of an estate. In this role, they read the last will and testament of the estate owner to the family members. The process gives family members access to the asset or property that was assigned to them in the will. The administrator provides a title or deed for real property according to the estate owner’s wishes.
Creation of Wills and Health Care Directives
The estate owner can create a will or health care directive through a probate attorney as well. This gives them the right to identify family members who will receive their assets. It can also help them to make decisions about their health care when they are mentally incapacitated.
In Texas, local residents explore the probate process to achieve maximum asset protection. They review opportunities associated with early transfers and lowering the value of the estate. They also determine how they will receive health care in the future.