If you or someone you know has experienced the Texas probate process after a loved one’s death, then you know that probate involves hiring an attorney, appearing before a judge, and several months of administration. Probate may even last several years because of a beneficiary or creditor contest, resulting in your inheritance being spent down by attorney’s fees.
Even if you have a Will, your assets will not automatically transfer to the beneficiary upon your death. Instead, the Will must be approved by a judge and go through probate administration in order to transfer title to your assets to your beneficiaries. In addition, the Will is considered public record, so anyone with internet access could view your probated Will online or request a copy from the county clerk. If you do not have a Will, the State of Texas writes your Will for you through an heirship, which takes longer and is more expensive than probating a Will.
A good alternative to a Will is a Revocable Living Trust. A Revocable Living Trust is similar to a Will, as it establishes how you want your assets distributed after your death, but a Trust has several decisive advantages over a Will.
Imagine that a Revocable Living Trust is large bucket. You can place your house and other properties, bank and investment accounts, or other assets inside this bucket. After your death, your Trustee distributes everything in the bucket to your beneficiaries, thus eliminating the need for probate.
A Revocable Living Trust affords privacy to your estate, because only the Trustee and the Beneficiaries will see a copy of the Trust. A Revocable Living Trust is also useful if you become disabled or incapacitated in the future, since it would allow for your successor Trustee to easily manage any Trust-owned assets, instead of waiting for a bank to approve a power of attorney or petitioning a court for a guardianship.
Creating a Revocable Living Trust, and transferring assets to your Trust, allows you greater control over your estate, prevents probate administration, affords you more privacy, and grants you greater disability protection. If you are interested in creating a Revocable Living Trust, you should consult with an experienced estate planning attorney.
Julia “Jules” Pullin is an associate attorney at The Dean Law Firm, PLLC, a boutique law firm practicing in estate planning, probate, guardianships, elder law, and civil appeals. Julia Dean is the managing attorney and has been recognized as a Top Attorney and Leading Advisor by Acquisition International, Forbes, Newsweek, H Texas, Houstonia, and the Sugar Land Sun, and has earned Martindale-Hubbell’s Client Distinction Award. The Dean Law Firm, PLLC, has been named “Reader’s Choice for Attorneys in Fort Bend County by Living Magazine for 2020 and 2021, “Texas’ Most Outstanding Estate Planning Boutique” by Acquisition International for 2019 and is “Best Law Firm of the Year” by Lawyer International Legal 100 for 2019.