Probate is the legal process of settling a deceased person’s estate, but many families prefer to avoid it due to the time, cost, and public nature of the proceedings. In Texas, there are several estate planning strategies that can help minimize or bypass probate entirely, allowing assets to transfer more efficiently to beneficiaries.
One of the most effective tools for avoiding probate is a revocable living trust. By transferring ownership of your assets to a trust during your lifetime, you can ensure that they pass directly to your beneficiaries without going through the court system. The trustee you appoint will manage and distribute the assets according to your instructions.
Another method is using beneficiary designations on financial accounts, life insurance policies, and retirement plans. By naming a designated beneficiary, these assets will pass directly to them without being subject to probate. Similarly, transfer-on-death (TOD) and payable-on-death (POD) designations allow bank accounts and securities to transfer smoothly upon your passing.
For real estate, Texas offers a transfer-on-death deed (TODD), which enables you to designate a beneficiary for your home while retaining full ownership and control during your lifetime. Upon your death, the property automatically transfers to the named beneficiary without probate.
By implementing these strategies, you can help your loved ones avoid the stress and delays of probate. An estate planning attorney can guide you in selecting the best methods for your specific situation and ensure that your plan is legally sound.
For assistance preparing or updating your planning call your attorney at Thrash, Carroll & Sanchez Law Group at 512-263-5400 or email for an appointment for a complimentary initial consultation to discuss these powers of attorney at [email protected]