Wise Distribution of Assets
Clausell Law Firm, PLLC believes wills, trusts and other legal documents are used by many individuals to achieve varying goals. One of the purposes of these types of documents is to determine how your assets will be handled upon your death. We believe there is an important step prior to considering how assets are to be distributed. A will or trust is essentially about you being in control of what occurs with your loved ones and your assets, once you have passed on The first vital step is your decision to be the one to determine what is done with your estate The alternative is to have a court decide who is to get your assets, when they will get them, and what each individual will receive.
If you decide that you want to be in control, there are many methods of wisely distributing assets to your benefactors An experienced Texas estate planning lawyer can assist you with a plan for properly handling your estate For purposes of estate planning, it doesn’t really matter whether you currently have a large estate or are just starting out in life. Any vehicles, homes, personal property, household goods, insurance policies or bank accounts are all part of your estate. Additionally, competent estate planning takes into consideration how your assets may look many years or decades from now. It can look quite different 10 or 20 years from today, and we should plan with that in mind.
Handling of your Assets
The advantages to wisely handling your assets through estate planning include:
- You can provide for the smooth transition of any business you own wholly or in part. This can help to prevent conflicts between benefactors and can provide cash for your estate. It can also help to ensure that the business survives without turmoil.
- You decide who will be your benefactors and even who controls the distribution of assets once you pass on.
- You will determine what assets each benefactor will receive. This can include when the distribution will occur as well. In some cases a minor child, or even someone over the age of 18, is not able to responsibly handle financial matters. Sometimes a large sum of money received all at once serves as an incentive not to work. Different circumstance may dictate different amounts of money or other assets to different people. The point is that you will control what occurs.
- If you want to provide for someone who is mentally or physically disabled, this can be accomplished in the manner you decide. You may have peace of mind, knowing that this loved one is going to be correctly cared for.
- Competent estate planning for the distribution of your assets can ease the strain on your family and minimize the expenses relating to asset distribution.
- You can safeguard your assets so they do in fact go to the persons or organizations that you desire.
- Importantly, trusts and other legal instruments can be used to delay, reduce or even eliminate taxes associated with your estate. At times the best strategy can be to reduce the assets in an estate, which then lowers the estate taxes that may have to be paid.
Clausell Law Firm, PLLC believes that part of our value to you is that we treat each person as an individual. There is no one-size-fits-all estate planning that is correct for every person or family. We can work with you towards the goal of correctly distributing your assets to those you desire.