Planning for the future also means having a clear idea of where one wants their assets to go and who they choose to control them upon a person’s passing. Discussing these options with an estate planning attorney in Azle TX can help to make the process a lot clearer to understand and decide which option is right for the client. Estate planning can handle every aspect of a person’s wishes when it comes to property and so much more.Basic estate planning includes a will. A will designates to the courts and other family members who is in charge of taking care of minor children and money should one or both parents pass away.
It can also state where the money is to be distributed for instance a trust, or to charity. Having a will in place helps people avoid the estate going to the probate courts in most states. Taking planning even further is establishing a trust for surviving family members this can include many different things, and there are two types of trusts that can be done. A living trust is established by a person while they are still alive and can be revocable to include or remove things as time goes on. Simple trusts handle the distribution of the estate and the income from the estate at the date of a person’s passing. It does not include any income that an individual continues to earn on other assets. The money from a simple trust could be subject to taxation by the Internal Revenue Service. An individual can benefit from a complex trust if an estate is still making money or has multiple properties.
Many complex trusts have tax exemption benefits. Another reason many people should have a will or trust established is it can prevent the lawsuits or creditors from taking any assets once a person has passed. An estate planning attorney in Azle TX can advise clients on which option is right for them to help secure their assets. Clients who are interested in getting a will or doing estate planning should contact an estate attorney. An attorney who knows estate law and the current laws for the state a person lives in can help to create a plan that is specific to the individual clients needs.