Probate is a necessary process for most Texas estates. When you die, you want to make sure that your family has the money it needs to move forward, but probate can become a lengthy process. Is there any way to infuse them with cash?
Fortunately, there are ways you can construct an estate plan that allows you to get your family money quicker.
Can you avoid probate?
For most estates, the answer is no. If you own property or have amassed a net worth, your will moves through court to ensure that your creditors receive payment and your heirs receive an inheritance. You can diversify your estate plan to include some workarounds.
Joint accounts
Owning something in common with another is one way to pass things quickly after death. A joint checking account is the most liquid. However, you can also co-own property bypassing probate and belonging directly to your joint tenant, depending on the deed structure.
Retirement accounts
A retirement account requires you to list beneficiaries. You can divide funds between multiple people or leave it all to one person. The same is true of life insurance policies.
Trusts
A trust account is one fiduciary tool you may want to consider if you have heirs you want to pass property and assets down to without moving through probate. You can deposit almost anything in a trust during your life, and those you name as trustees become owners when you die.
There are many ways you can handle the disbursement of your property and money after you die. Sit down with a knowledgeable professional to get a handle on what would work better for you.