When you die in Texas, some of your assets may have to go through probate, which is the process involved in managing your property and debts and distributing them accordingly. While you may not be able to avoid the probate process entirely, many people make efforts to reduce their time in probate court or the number of assets that must go through probate.
According to NerdWallet, there are certain steps you might take to help avoid probate. Some of these steps might include creating a living trust, reducing the size of your estate or gifting away some of your assets while you are still around to do so. Many people choose to take such steps for the following reasons.
1. Because probate may prove costly
How much the probate process might cost your loved ones is going to depend on the specifics of your situation. However, once you factor in legal expenses, executor fees and related expenditures, you may be looking at a hefty bill.
2. Because probate is public
Some people do not want the details of their estates to become public. However, probate is a public process and remains on the public record.
3. Because probate takes time
Probate may, too, take considerable time to complete. This may lead to delays as far as when your intended beneficiaries get what you mean to leave them. This may prove socially true if there are will challenges or similar disputes among family members or beneficiaries.
For some, the probate process proves relatively straightforward. Yet, for others, it may prove quite complex and expensive, making avoiding it beneficial for everyone involved.