There are many questions and concerns Texas residents may have regarding the aftermath of their passing, especially in the event that it should occur suddenly and unexpectedly. A lot of these worries are probably in regard to the potential for a time-consuming process involving the distribution of one’s assets along with the possibility of contentious disputes between one’s surviving family members. Fortunately, establishing a comprehensive estate plan aimed at avoiding the probate process can minimize the odds of these concerns coming to fruition.
Even though probate can ensure the proper distribution of one’s assets and validate one’s will, it can present some potential headaches to all heirs and beneficiaries. The process can result in challenges to the deceased individual’s will, and it can jeopardize a family’s privacy since the proceeding are made public. Last but not least, probate can be a lengthy process, lasting anywhere from three months to five years depending on the estate’s value.
Specific means to avoid probate
There are several different options from which one may be able to choose in order to eliminate the probate process from future inheritance matters. These can include taking advantage of certain types of trusts, establishing joint ownership of specific property, and utilizing payable on death accounts for banking and other financial matters. Texas also offers an expedited process for estates valued below a certain threshold.
Creating a comprehensive estate plan may seem daunting due to all of the potential complexities involved. However, an experienced attorney can provide help and support while establishing the best possible plan for one’s unique needs and wishes. Taking advantage of this professional guidance can significantly increase the odds of a smooth transition upon one’s passing.
