Many families will lose significant wealth by failing to protect their wealth through generational transfers. Texas Family Wealth Protection Lawyer helps families prevent this loss. He also works with families after the loss of a loved one to claim and protect wealth.
Loss of Real Property and Loss of Investments are Common Types of Lost Family Wealth
Some families will lose significant wealth through inheritance issues and stuck real property. 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 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.
Still other families lose wealth by not keeping track of investments. In these situations, a loved one dies or becomes incompetent without keeping track of an account or investment. The family then loses track of the investment or account. Not surprisingly the bank, oil companies, or other large corporation does not seek out heirs or beneficiaries. In fact, in some situations the large company will not communicate with the family about the account or investment. Families commonly lose mineral interests, stocks, and investment accounts in these situations. Unfortunately, third parties are commonly very successful in stealing from dead people.
Communication and Basic Estate Planning 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 one size fits all strategy for preventing the loss of family wealth. Each family’s battle to protect their wealth will be different. Further, Wills, Trusts, non-Probate assets, and survivorship assets all have their unique issues.
Texas Family Wealth Protection Lawyer Provides Information on Protecting Family Wealth
This blog and website by Texas Family Wealth Protection Lawyer reviews issues regarding protecting and transferring wealth between generations. Additional information can also be found at the following webpages: Texas Family Inheritance Lawyer and Texas Real Estate Probate Lawyer.