If you’re like most people, you have at least one bank account. But what happens to that account when you die? The answer may surprise you: in Texas, bank accounts do not go through probate. In this blog post, we’ll discuss what this means for your loved ones and how to ensure that your bank…
Tag: Alternatives to Probate
What is subject to probate in Texas?
In Texas, probate is the legal process that is used to settle the estate of a deceased person. This includes distributing their assets and paying any debts or taxes that may be owed. The process can be complex, but understanding what is subject to probate in Texas can help simplify things. Generally, any property that…
8 Things to Know about Living Trusts in Texas
Introduction A living trust is a legal arrangement in which you, the grantor, transfer property to a trustee. The trustee then manages the property for the benefit of a named beneficiary or beneficiaries. Living trusts are created during the grantor’s lifetime and can be revocable or irrevocable. Texas has specific laws governing living trusts, so…
What Is a Special Needs Trust?
Introduction A special needs trust is a type of trust fund established to provide supplemental financial support for a disabled individual, without jeopardizing their eligibility for government benefits. If you’re the parent or guardian of a disabled individual in Texas, setting up a special needs trust may be something you’ve considered in order to provide…
Alternatives to Probate: Order of No Administration
The “order of no administration” is one of the alternatives to a full probate. It is used when the estate has some assets, but the award of a family allowance would exceed the value of the assets. Since the family allowance is paid before nearly all other claims to the estate assets, there is no…
Alternatives to Probate: Administration of Community Property
In Texas, administration of community property can be a legitimate alternative to probate. The determination of whether property is community property or separate property can be a complex matter and is often a source of controversy during the administration of an estate. In some cases the community property laws can be used to probate the…
Alternatives to Probate: Family Settlement Agreements
Family settlement agreements are most often used to resolve probate litigation without trial. They are often used in will contests, will construction lawsuits, claims and trust modification lawsuits. They can help avoid litigation costs and uncertainty associated with trial. What Is a Family Settlement Agreement? A family settlement agreement is also useful in situations where…
Alternatives to Probate: Collecting a Final Paycheck
Is Probate always necessary? To collect a final paycheck there is a simple and inexpensive way to do it. Many of us have all been there before. A loved one has died and you are the one to handle their estate. Probate is a process that is necessary in many cases. The Texas Estates Code…