Protecting Family Wealth Through Inheritance by Texas Wealth Protection Lawyer

Protecting Family Wealth Through Inheritance by Texas Wealth Protection Lawyer Jason S. Coomer

Many Texas families will lose significant wealth by failing to protect their valuable assets through inheritance. There are many common situations whereby Texas families lose substantial wealth.  Understanding some of these potential traps can help Texas families protect their wealth through generational transfers.

Texas Families Commonly Lose Wealth Through Inheritance Issues in the Transfer of Real Property

For most Texas families, their house or other real property is their main wealth.  Unfortunately, many of these families lose significant wealth through inheritance issues and stuck real property.  The inheritance issues begin after a property owner dies.  If the property owner did not have a well thought out estate plan, inheritance issues commonly arise.  These inheritance issues commonly create title issues which causes property to become stuck.  As a result of these title issues, the family cannot transfer or sell the real property.  Typically, the stuck property will be lost as it cannot be sold, transferred, or mortgaged.  Thus, the surviving family commonly cannot afford to maintain the stuck property and the family loses wealth.

Texas Families Commonly Lose Wealth By Failing to Keep Track of and Communicate Regarding Investments and Accounts

In other situations, families lose wealth by not keeping track of investments.  In these situations, a loved one dies or becomes incompetent without keeping track of or communicating information about an account or investment.  The family then loses track or control of the investment or account.  Not surprisingly the bank, oil company, or other large corporation who has the wealth does not seek out heirs or beneficiaries.  In fact, in many situations a large company will not communicate with the family about the account or investment after a loved one dies.  Through these situations, families commonly lose mineral interests, stocks, and investment accounts.  Unfortunately, third parties are commonly very successful in stealing from dead people.

Communication and Basic Estate Planning Can Help Prevent Loss of Family Wealth

Basic estate planning and communication can help prevent loss of wealth.  However, please keep in mind there is no magic solution for preventing the loss of family wealth.  Each family’s battle to protect their wealth will be different depending on their assets and the makeup of their families.  Further, common estate planning vehicles including Wills, Trusts, non-Probate assets, and survivorship assets all have their unique issues.  Understanding the pros and cons of each type of estate planning method can help prevent loss.

Texas Wealth Protection Lawyers help families prevent this loss.  They work with families after the loss of a loved one to claim and protect wealth.  For more information on this topic, please go to the following webpages: Texas Real Estate and Inheritance Law Firm Information, Texas Family Inheritance Lawyer Information, and Texas Real Estate Probate Lawyer Information.