In the past, our blog has covered the complexities of the probate process. Just as we help our clients focus on getting through probate litigation as efficiently as possible, we also help our clients think about how to avoid the process altogether. Many of our clients, in fact, prefer to find a way to transfer their assets directly to their loved ones upon their death instead of drawing out the process through the probate courts. With the right attorney on retainer, you can learn how to avoid probate and make things as easy as possible for your beneficiaries.
There are several key strategies to think about when deciding whether avoiding probate might be right for you:
Joint ownership: if you own property in Texas, consider co-owning the property with an individual that you would like to inherit the land after your death. By structuring the co-ownership correctly, you can arrange for the property to be directly passed to the second individual when you are gone.
Transfer-on-death designations: for certain property and bank accounts, you can file a form that allows the assets to be directly transferred upon your death to a named beneficiary. While stocks and bonds are exempt from this kind of designation, certain savings accounts, deeds, and even vehicles can be automatically transferred upon death.
Trusts: our blog has extensively covered the benefits of creating a trust in the past, and looking into possible trust formation is something you should discuss with an estate planning attorney. Earlier this month, for example, we covered the irrevocable trust, which is one possible avenue to avoiding probate litigation.
These strategies can take time to implement, and they always require a detailed look at an individual’s assets before being pursued. If you have not spoken with an estate planning attorney to talk through these options, we recommend that you take the necessary time now to make things simpler for your loved ones in the future. At McCulloch & Miller, long-term planning is our specialty, and we are experts in executing each of the above strategies in order to help our clients meet their individualized goals.
Do You Have Questions for a Texas Attorney About Your Estate Plans?
In order to make sure your estate plans are on the right track, give our office a call at McCulloch & Miller, PLLC. Our Houston estate planning attorneys are standing by and are proud to offer personalized representation that takes our clients’ best interests to heart. Time and time again, we hear from our clients that they are relieved to have their estate planning process complete; we are pleased to offer this peace of mind so that our clients can rest easy, knowing their loved ones will be taken care of when they are gone.
For a consultation with a member of our team, give us a call today at 713-936-9073. You can also fill out our online form to have an attorney reach out to you.