In Texas, estate owners must follow certain strategies to protect their assets, and they must review all potential issues that could lead to the seizure of their assets. In probate, the estate is assessed, and creditors can apply a lien if they have a valid debt. A local attorney provides services for these estate owners under probate law in Midlothian, TX.
Creating Trust Funds to Pay for College
Trust funds are designed to allow individuals to contribute to them based on the value they hope to preserve. The estate owners don’t face limitations in terms of these funds, and they can deposit as much money as they wish. These estate owners can set up an account from which these contributions are acquired and transferred into the trust fund.
Managing Life Insurance and Burial Policies
Life insurance and burial policies are secured to prevent the family from facing financial hardships when a loved one dies, and the policies can provide the full cost of these expenses quickly. The estate owner can choose a beneficiary for these policies, and they can set up a policy such as whole life insurance to pay off their debts after they die.
Irrevocable Trusts and Their Benefits
An irrevocable trust provides the estate owners with a wealth of benefits, and among these benefits is the ability to transfer assets out of the estate. The trust is owned by the asset owner, and these assets are not accessible through the probate court.
Setting Up Health Care Requirements and Permissions
A healthcare plan provides the estate owner with a chance to set up a power of attorney for their healthcare proxy. They can make decisions about their medical care and how these requirements will be met.
In Texas, estate owners have options for protecting their assets and reducing the potential for financial losses. The estate planning process offers clear answers about common issues that could lead to a lien or potential asset seizure. Estate owners who need help through probate law in Midlothian, TX can contact Mallios & Associates PC or visit mallioslaw.com for more information right now.
