How To Avoid Probate in Texas
In Texas, probate court proceedings are not expense or complex, but in certain cases steps should be taken to avoid them. Here are some effective ways our The Woodlands estate planning attorney has provided for you to ensure your property is given to the correct beneficiaries.
Revocable Living Trust
A substitute for having a Will, a revocable living trust can be used to determine who will receive your property and assets upon death. You are able to change the terms of your trust while you’re still alive. You must create a trust document and name someone to take over as trustee, so they will be able to transfer your assets to the trust beneficiaries without probate court proceedings.
If you share property ownership with another party and this ownership includes the “right of survivorship,” then the surviving owner instantly obtains the property rights upon the other owner’s death. The transfer of property requires no probate proceedings.
Specifically tailored for bank accounts, you can add a “payable-on-death” (POD) designation to an account. Once you name a POD beneficiary, he/she has no rights to the money until your death.
For more information about avoiding probate or if you need help setting up a living trust or will, contact our The Woodlands estate planning attorney to schedule an appointment.