Estate owners must prepare their family for the probate process. It is during this process that creditors have the chance to initiate lien against the estate. They must provide evidence of the debt and verify it through the court before they collect. However, if it is valid, they can seize property and assets. A Probate Attorney in Sacramento helps the estate owners take measures to protect their assets.
Lowering the Value of the Estate
The owner lowers the value of the estate by transferring properties to new owners. The owner should consider early transfers to their children for this purposes. They may also utilize an irrevocable trust.
An irrevocable trust allows the estate owner to transfer several properties and assets at once. The trust is its own private entity, and any property transferred is no longer a part of the estate. The owner retains all rights until they die. A successor takes over after the estate owner’s death.
Generating a Will and Health Care Directive
A health care directive determines if the estate owner wants extraordinary measures. It directs their spouse or family in an emergent situation. The estate owner also uses their directive to appoint a health care proxy.
The will identifies all beneficiaries who receive property or assets. It enforces provisions for these assignments as well. Typically, a will eliminates any disputes in the family about these assignments.
Establishing a Trust Fund for College
A trust fund for college is set up at any time. The owner may contribute to this trust throughout their life. They also set up provisions for the value of money disburse each year.
Setting Up Provisions for Debts
An additional insurance policy is acquired to manage debts. This pays off outstanding balances owed to creditors. It reduces the duration of the probate process.
Estate owners create trusts and transfer ownership to lower the value of their estate. This allows the family to acquire assets and property at a quicker rate. It also allows the owner to enforce provisions for any ownership assignments.
