Probate Alternatives Available in Texas
The probate process can be costly and time-consuming for family members after a loved one dies.
When the deceased was a multimillionaire, spending a few thousand on probate isn’t such a big deal. And when the family all gets along, the risk of acrimony is reduced. But when the deceased had modest means, and/or the family doesn’t necessarily get along, that price tag might mean something very different, and the timeframe of 6 months might seem like an eternity.
Thankfully, probate in Texas is known for being simpler and more efficient than most other states’ probate. But if your loved one had a very modest estate, this could nonetheless be cold comfort. But don’t despair! And don’t rush to the courthouse to start a probate.
Just as Texas provides individuals the right the create a holographic will under certain circumstances, to avoid all that fancy lawyerin’ stuff… Texas has provided several probate alternatives for small estates and simple estates (as well as some alternatives that not-so-small estates can also take advantage of – trusts!) that can not only save on the legal bills that might otherwise be incurred through the probate process, but also potentially create some other collateral benefits along the way!
A WORD OF WARNING: To be clear, avoiding probate should not always be your goal. There are situations where going through the full probate process definitely IS the best and most efficient method of settling the estate.
READ MORE AT: https://ryanreiffert.com/estate-planning/probate-alternatives-texas
