Probate refers to the process of executing the estate and distributing the money of someone who has recently passed away. However, some people wish to avoid going to probate court for reasons such as convenience, cost, and time.
Here are some of the ways that you can avoid or reduce the chances of going to probate in Texas.
1. Draft a living trust
Writing a living trust is one of the least complicated ways to have your family not need to go to probate in the event of your death. A living trust is a document that allows a close family member or friend to manage your trust for your beneficiaries.
2. Hold joint property
If you have a house or other property that you bought before getting married, consider owning the piece of property jointly with your spouse or significant other. In a joint property ownership, as long as your wishes are in writing, your spouse or significant other will not have to go through probate court to acquire the property after you pass.
3. Hold joint bank accounts
Similar to holding joint property, having a bank account with someone else can help negate the need for them to go to probate court to collect that money upon your death. Opening a payable on death account, which is an arrangement with your bank, is another way to do this.
It is important to know all your options for avoiding probate if that is something that your loved ones wish to bypass in the event of your death.