Find a Texas Probate Attorney:
A How Texas Probate Works
Probate is how estates get settled through Texas court. This process occurs even if you have left a will, and it’s a way to ensure that beneficiaries get notified and assets get properly valued and distributed after a person’s death. It’s also a primary way of preventing estate fraud. But many people find it a long, challenging and confusing process.
Find a Texas Probate Attorney
following cities and surrounding areas.
Do all estates and assets need to go through probate?
No. Estates smaller than a certain threshold
can go through a simplified process using an affidavit. Also,
certain types of assets can be automatically transferred to heirs
without going through the probate process. These include:
Assets owned under joint tenancy. If you own something jointly with someone else, you become the sole owner in the event of the other person’s death. There are certain kinds of joint tenancy, such as “community property with right of survivorship” or tenancy by the entirety,” which are only for married spouses.
Beneficiary designations. Some assets, such as life insurance policies, have specifically named beneficiaries. If you die, your life insurance payout goes straight to the beneficiary without going through probate.
Payable on Death accounts. Some bank accounts can also have named beneficiaries. If you die, your bank or brokerage account could also go to the beneficiary without passing through probate.
Transfer on Death deeds. Beginning September 1, 2015, you’re allowed to specify who gets a property after you die in the deed. That asset won’t need to pass through probate.
Other ways to avoid probate: the Living Trust
If you want your estate or certain assets in it to avoid probate, you can put your assets into a Living Trust. Anything in the Living Trust won’t go through probate, unless the assets you’ve left outside the Trust are higher than the small estate limit in Texas.
Anything can go in a Living Trust—houses or vehicles, bank accounts, or other property. First, you name yourself as the trustee. Then, you name someone to step in as trustee after you die. Anything in the Living Trust will go to the trustee after your death.
Disclaimer: Elder Options of Texas is not rendering any legal or professional advice. If legal advice is necessary the reader should consult a competent attorney..
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