Transferring assets outside of the probate process can not only save the estate a lot of time and expense, but can also help loved ones avoid years of legal hassle. This 2 part series of articles will address the four general ways to pass on your property and avoid the probate system:
Part 1 in this series will address avoiding the probate process through Joint Property Ownership and Death Beneficiaries.
Jointly owned property with the "right of survivorship" avoids the probate process for one very simple reason: upon death, the deceased joint owner no longer owns the property and it passes to the living joint owner. There are several ways to do this, and the chosen method will depend on what a particular state recognizes.
To create any of these forms of joint ownership with a right of survivorship, states typically require a written document that sets out the joint ownership relationship, the property that is jointly held, and the right of survivorship.
Here are the most common forms of joint property with a right of survivorship:
Many types of financial assets and instruments allow you to designate a beneficiary upon your death. Upon your death, these assets become the property of whomever you designate as the beneficiary, are no longer a part of your estate, and thus avoid probate entirely.
Here are some of the most common financial assets that allow you to do this:
Not sure how to avoid the probate process or if you even should? Don't worry. Many people have similar questions and go through the same line of questioning when deciding how to make their estate plan. It can be and often is critical that you get legal help understanding the basics of the probate process. The best way to get this understanding is to contact an experienced probate and estate administration attorney near you. Stop and take a breath and call a probate attorney who has had decades of experience filing for probate in the state of Texas. Pick up the phone and call Amarillo Attorney Bill Cornett. Bill is your choice as an experienced probate attorney in Amarillo and the Texas Panhandle. Don’t waste another minute. Call him today.
Your most important action may end up being the phone call that you make to your Amarillo wrongful death lawyer. In the Texas Panhandle that call should be to Amarillo wrongful death lawyer Bill Cornett. Be safe and be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.
Bill Cornett, Amarillo Attorney with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer, probate attorney, family law attorney, criminal law attorney, DWI attorney and divorce attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.
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Bill Cornett grew up on a farm in Knox City, Texas. He received his Bachelor of Science in Agricultural Economics from Texas Tech University and his Doctor of Jurisprudence from the University of Houston Law School. Bill was licensed to practice law in the State of Texas in 1973.