Texas estate owners examine the possibilities that future planning could afford them. As they review these possibilities, they discover ways to reduce the size of their estate. They also find ways to protect key assets and properties for their beneficiaries. A probate attorney in Mankato offers guidance for these strategies.
Setting Up a Revocable Trust
A revocable trust enables the estate owner to set up a trust in which to transfer ownership. They transfer ownership of key properties and assets into the trust to eliminate it from their estate. The attorney helps the estate owner identify the most appropriate items to add to the trust.
Once they transfer ownership, they identify a successor. This individual gains ownership of the trust upon the estate owner’s death. The only individual who can alter this assignment after the estate owner dies is their legal spouse.
Creating a Will for the Estate Owner
A will assures the estate owner that their beneficiaries receive the property they wish to give to them. Upon the estate owner’s death, the probate court must acquire the will and begin the necessary process. If the estate owner has outstanding debts, the court may allow the seizure of certain assets as payment to creditors. With a will, the estate owner makes provisions to manage their debts after they die. This opportunity could prevent beneficiaries from losing their inheritance.
Examining the Benefits of Trust Funds
Trust funds provide financial awards to the estate owner’s beneficiaries. The estate owner identifies the purpose of trust funds to ensure the beneficiaries use them appropriately. For example, a trust fund for college has restrictions that limit the amount provided each year. In some cases, they also require evidence of how the beneficiary spends the money. The same provisions are available for estate owners who wish to leave behind a trust to provide financial support for minor children.
Texas estate owners learn about beneficial tactics to manage their estate through attorneys. These tactics could reduce the total value of their estate before they die. They could also decrease the tax implications imposed on the beneficiaries and protect the individual’s property and assets. Contact us