Dallas Estate & Trust Lawyers: How to Avoid Probate in Texas
As any experienced Dallas estate and trust lawyer knows, one of the primary goals of estate planning for many people is to avoid probate. Given that court proceedings can be time-consuming, costly and confusing, this doesn’t come as a surprise.
Laws regarding the probate process and how it can be avoided vary by state. Below, the legal professionals at Schulz and Kellar explain the options in Texas.
Using a Revocable Living Trust to Avoid Probate Court
Ask a Dallas estate and trust lawyer to set up a revocable living trust, and your family can avoid probate.
With this estate planning tool, ownership of your assets is transferred to the trust. You, being the appointed trustee, continue to have control of the property – and you have the right to use assets within the trust as you wish – for the remainder of your lifetime. And at any point, you can undo the arrangement, add more assets, reclaim property or name a different successor trustee.
An experienced estate and trust lawyer can ensure that a revocable living trust survives your death, crafting the document in accordance with Texas law. Ownership of your property will remain with the trust, so it won’t be subject to probate.
However – and this is crucial – any assets you acquire later on need to be transferred to the trust or designated to pour over into the trust when you pass away. Property that isn’t included will go through the Texas probate process.
Other Options for Avoiding Probate Court in Texas
Having a Dallas estate and trust lawyer create a revocable living trust isn’t the only way to avoid probate proceedings. In the following situations, assets held in an estate can be transferred to a beneficiary without passing through the Texas court system:
Joint Property Ownership
Property owned in joint tenancy with the right of survivorship – such as a Dallas home with two names on the deed -- bypasses the Texas probate process. Ownership automatically transfers to the surviving individual upon the other person’s death, assuming they live for at least 120 hours longer. For this state law to apply, each co-owner or joint tenant must own an equal share of the property.
Payable-on-Death Designations
Estate and trust lawyers often suggest adding payable-on-death (POD) designations to bank accounts as an option for avoiding probate. In Texas, the beneficiary named has no right to any of the funds until the original account holder passes away. But at that point, they have the ability to access the money and can head directly to a Dallas bank to claim the entire amount.
Transfer-on-Death Deeds
Under Texas law, real estate can bypass probate by means of a transfer-on-death (TOD) deed. An estate and trust lawyer can revoke the deed upon request, and the property can be sold at any time – the original owner retains full control. Upon their passing, the beneficiary named in the deed becomes the owner, without the hassle of probate court proceedings.
Transfer-on-Death Registrations
Similarly, Texas state law allows for transfer-on-death registrations for motor vehicles. As with a TOD deed, the beneficiary named has no control over a vehicle with a TOD registration until the original owner’s death. At that point, however, they automatically inherit the vehicle and can use or sell it as they wish, with no probate proceedings necessary.
How a Dallas Estate & Trust Lawyer Can Help
Any or all of the options listed above could be appropriate for your estate plan. But if you really want to pass on your assets without putting your family through the challenges of probate, talking to an experienced estate and trust lawyer is a must.
With careful estate planning, everything you own can go to whomever you like – and an expert in wills, trusts, asset protection and Texas probate law can advise you on the best approach. And in the Dallas-Fort Worth metroplex area, Schultz and Kellar, PLLC, is the law firm people trust.
Why choose us? From the background and experience of our estate planners and trust lawyers to our focus on respect and our sincere commitment to helping our clients achieve their goals, our Dallas law firm stands above the competition in many ways. With our legal team, you can count on unparalleled service – and when you trust in us to meet your needs, you’re not just getting the expertise of estate planning professionals.
At Schultz and Kellar, we also offer comprehensive legacy planning services. Whether you’re in need of a simple financial strategy to increase your wealth or you’re looking for a skilled financial advisor who can manage your investments, plan for retirement savings and guide you in achieving your short- and long-term goals, our team can help. We have what it takes to maximize your wealth, while ensuring that your legacy passes on to your loved ones as you wish.
To explore your options for avoiding probate proceedings in Texas, contact Schultz and Kellar and schedule a consultation with a seasoned estate and trust lawyer today.
