When you die in the state of Texas, your assets may have to go through probate before they’re distributed to your heirs. Probate can be a necessary but time-consuming process that delays the time when your loved ones receive their assets. How can you avoid probate and make the process easier on your loved ones?
One way to avoid probate administration is to simply give away all your assets before you die. This is the most drastic solution, but it prevents probate because you won’t be in ownership of your assets when you pass away. However, you don’t want to give away all your assets at once; you still need enough money to live on for the rest of your life. You might want to set up a trust and name yourself as the beneficiary so that the money won’t have to go through probate.
You can also give another person joint ownership of some of your assets, like properties and bank accounts. When you die, those assets will go to the other individual, therefore bypassing the process of probate. This is also a great way to ensure that your assets go to the right person.
On a similar note, you can name beneficiaries on certain assets like savings accounts and retirement funds. After your death, the beneficiary will receive these assets without having to go through probate. You could talk to an estate planning attorney for more advice on avoiding probate.
How might an attorney help you avoid probate?
When you start planning your estate, an attorney may offer suggestions and guidance to help you avoid probate as much as possible. The attorney might also help you form trusts, choose trustees, add beneficiaries to your accounts, give away certain assets and do everything in your power to protect your family members after you pass away.