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San Antonio estate planning lawyerWhen you are planning how your estate property is to be distributed one day, you likely want the entirety of your estate passed on to your loved ones rather than being diminished by fees and costs. Mistakes during the estate planning process can lead to the loss of estate funds and property, affecting what will be available for your beneficiaries. There are a number of estate planning strategies geared around asset protection. Everything from the type of testamentary instrument you use to the wording of a trust can have a significant impact on your estate’s asset retention.

Asset protection may be of particular importance for those with more complex assets they are seeking to pass on, such as ownership interest in a company. It is wise to work with an experienced attorney who can help you to utilize every available asset protection tactic during the estate planning process. 

Ways to Preserve Estate Property

There are a variety of tools available in estate planning that can help you and your future beneficiaries make the most of the assets you have built up throughout your lifetime. Asset protection strategies used in estate planning may include: 

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Texas young adult estate planning lawyer Estate planning is often thought of as a task for the sick and the elderly - those who reasonably anticipate that their life will draw to a close in the relatively near future. Those with great-grandchildren are meant to make out their wills. A father diagnosed with late-stage cancer should create a trust. Those who are of an age to be concerned with Alzheimer’s and other age-related impairments of the mind need powers of attorney and health care advance directives.

While it is true that the aforementioned groups should create estate plans with haste, it is also important for young adults to undertake the task. Little can be predicted in life. Even those who are young, unmarried, and with no descendants would be wise to create an estate plan to cope with the contingencies of life. If you are interested in making an estate plan, an attorney can aid you in preparing the documents your plan should be comprised of. 

3 Reasons for Young Adults to Have an Estate Plan

An estate plan for a young adult is, conceptually, like an insurance plan. No one anticipates a house fire, but the wise insure against it anyway. Creating an often-simple estate plan for a young adult may be a relatively low-cost endeavor proportionate to the harm that would come should the plan be needed but absent. Reasons that a young adult should have an estate plan include:

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San Antonio trusts lawyerThe duties of a successor trustee can be complex and varied. Depending on the nature of the instructions left by the grantor, a successor trustee may have significant discretion in distributing trust funds, or none at all. Despite holding the instructions of a now-deceased grantor sacred, a series of difficulties may arise for the successor trustee. Situations may arise frustrating the purpose of a trust or rendering its continued administration impracticable. Successor trustees, even professionals, may encounter situations that are legally complex and require a high level of skill and commitment. Beneficiaries, or those who were not named as beneficiaries, may not be amenable to the successor trustee’s handling of the trust. Legal challenges may be brought. A majority of fiduciaries tasked with managing another’s trust for the benefit of the grantor’s selected beneficiaries may benefit from legal assistance at some point in the execution of their duties. 

Occasions When It May be Prudent for a Successor Trustee to Contact an Attorney

It may be advisable for a new successor trustee to consult an attorney at the outset of trust administration. An attorney can review the language contained in the trust to clarify the nature of the trustee’s duties and provide ongoing legal support. 

Other circumstances under which a successor trustee should consider contacting a lawyer include: 

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Texas probate attorneyProbate is generally not fun. It can be complicated. It can be prolonged. It can be costly. There are multiple steps in the Texas probate process, so there are plenty of points where something could go wrong. It is fairly normal for families to run into difficulties during probate. Although the personal representative may initially have things under control, that could change at any moment. Anything from a surprise challenger to a few missing documents can throw a wrench in probate unexpectedly.

Many bereaved families start the process by themselves only to find that they need help from an attorney midway once a challenge arises. It is often best to have a lawyer on board from the beginning if possible. Our goal as probate lawyers is to take on the legal side of handling your loved one’s estate so that you and your family can focus on healing from your loss. 

The Most Common Problems That Arise During Probate

Even if everything goes smoothly, probate can still be difficult. Some of the most common challenges that people face during probate include: 

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Texas estate planning lawyerEstate planning trusts come in many different forms. There are trusts with specific purposes, like charitable trusts and minors’ trusts. There are trusts created by a will. If you are looking to create a trust, you have numerous options. However, the two main types of trusts you will likely work with are revocable living trusts and irrevocable living trusts. The differences between the two largely revolve around how flexible the trust is. Many people choose revocable living trusts because they are rather easy to go back and make changes to. The idea of an irrevocable trust frightens some people. However, there are numerous benefits to using irrevocable trusts, mainly related to asset protection. You should speak with an attorney about what your particular estate planning needs and goals are before settling on a type of trust. 

What Is a Revocable Living Trust?

A revocable living trust is the standard type used by estate planning lawyers. When you create one of these trusts, you “fund” it by placing your property in the trust. Most people name themselves trustee so that they can retain control over their property. 

The advantage of a revocable living trust is that it is easy to make changes during your lifetime. You are free to go back and add or change beneficiaries, move property in and out of the trust, change your successor trustee appointment, change your instructions for posthumous distribution, and more. You can also revoke the trust entirely if you feel that it is no longer serving its purpose effectively. 

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