In Texas, estate planning practices help estate owners maintain control over their assets. These plans help estate owners identify their final wishes for all properties and assets in their estate. The practices lessen the burden of the probate process and prevent potential financial losses for the family. A probate attorney in Lubbock, TX completes a variety of tasks during the planning process.
Estate Planning Practices
Estate planning practices involve measures to protect assets during the probate process. The attorney helps the estate owner set up a will, revocable trust, and trust funds. A healthcare directive is another option for protecting the assets from unethical practices. A power of attorney is also set up with the healthcare directive.
Acting as an Executor
A probate attorney in Lubbock, TX assists family members who are named the executor, or the attorney acts as an executor of the estate. The role requires the individual to read the will to the family members and ensure that each family member receives their inheritance. Some executors also manage expenses and explain any prearranged funeral arrangements.
Contesting a Will
Family members who have a viable claim file a petition with the court to contest a will. Typically, the claims originate from the assumption of fraud. For example, if the estate owner left valuables or a large amount of money to a non-family member, the family contests the will to test its validity. If fraud occurred, the assets are divided among the family members.
Managing the Probate Process
The probate process starts after the estate owner dies. The attorney managing the estate follows the estate owner’s directions in their will and pays off debts. The estate plan offers access to a life insurance policy or a bank account to cover the costs of the debts.
In Texas, probate lawyers show estate owners how to protect their assets through estate planning. The practices include wills, revocable trusts, and trust funds. The options help the estate owner find ways to manage tax implications and secure their family’s inheritance. Estate owners who want to learn more about the opportunities can contact Kyra K. Blankenship Attorney and schedule a consultation right now.
