What Legal Strategies Can Help You Avoid Probate?

An estate planning attorney in El Paso, TX can help you find all the feasible ways that will work for your estate to spare your family the hassle of probate court. You want your assets to pass smoothly when the time comes, and the following strategies can make that happen.

Legal Strategies for Avoiding Probate in El Paso, TX

Living Trust

Trusts are a popular choice, and for excellent reasons. You can create the trust while you’re alive, name yourself as the trustee so you keep full control during your lifetime, and then transfer ownership of your property into the trust’s name. There are few limits to what you can put in there: your house, any bank accounts, investment accounts, personal belongings, etc. When you pass away, the successor trustee you name takes over and distributes everything according to the instructions in the trust document. 

No court involvement is required because the assets are not in your individual name at death. Your family avoids the public record of probate filings, which can take months or longer, and if you own property in another state, a single trust can handle it all without having to initiate multiple probate cases in various jurisdictions. 

Right of Survivorship

If you hold property with someone, like a spouse, as joint tenants with right of survivorship, the surviving owner automatically receives your share upon your death. This works for bank accounts, real estate, or vehicles. In Texas, married couples can also sign a community property with right of survivorship agreement to achieve similar results for their shared assets. 

Bear in mind that adding a joint owner means they have access and rights over the assets immediately, which could expose the property to their creditors or bad decisions. This means this route is best for situations where you can trust the other owner completely and don’t mind sharing ownership now. 

Beneficiary Designations

Beneficiary designations allow you to direct certain assets straight to your chosen recipients. For example, your life insurance policies and retirement accounts, like IRAs or 401(k)s, let you name primary and contingent beneficiaries. Upon your death, the proceeds would go directly to them without going through probate or being considered part of your estate. 

The same general concept is in play with payable-on-death (POD) designations on bank accounts and certificates of deposit. All you have to do is fill out a simple form, and the money transfers automatically. Just remember to review your designations fairly often, and especially after any major life changes like marriage or divorce, because outdated names could cause problems or send funds to the wrong person. 

Your Estate Planning Attorney and Probate Plans

In the end, taking steps now helps your loved ones. They’ll be able to focus on remembering you instead of going through all the paperwork and attending court dates. Contact us today at Townsend Allala Coulter & Kludt in El Paso, TX or Truth or Consequences, NM today for experienced help in putting together an estate plan that will protect your assets and your family.

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