Estate owners assess all angles when trying to protect their assets and properties. These requirements could prevent major issues when their estate enters probate. They can also lower the risks of seizure and a financial loss for the owner’s family members. The following are the expectations that are achieved with an Estate Lawyer South Jersey.
Asset Protection for the Estate Owner
Asset protection is achieved through a variety of methods. The owner can provide the asset to the preferred beneficiary at any time. They don’t have to wait until they pass away to provide these new assignments. Additionally, the estate owner can create a plan to pay off any debts they may have when they die. They could create a savings account or set up an insurance policy for these purposes.
Assigning New Ownership for Properties
The early transfer of ownership can provide protection for assets as well. The owner can transfer the title of the property to its intended owner. This prevents the individual from facing any inheritance taxes and could prevent a creditor from placing a lien against the property to collect a debt. These transfers are conducted in the same manner as other real estate transactions.
Transferring Assets Out of the Estate
An irrevocable trust allows the estate owner to transfer any or all assets into the trust and out of the estate. The transfers prevent the state from recognizing the estate owner as the lawful owner of these assets. This prevents these assets from entering probate when the estate owner dies. The trust is presented to a successor when the owner dies. This could be a spouse or other family member.
The Cultivation of Trust Funds and Provisions
Trust funds are used to provide financial support. Provisions could prevent access until the beneficiary reaches a certain age. They can also prevent fraud.
Estate owners follow estate planning practices to protect their assets. These strategies remove select assets from the estate and provide a transfer of ownership to others.
