Arlington, TX Probate Lawyer
One of the first things a person learns when planning an estate is that probate should be avoided. Although many people have heard this before, a full explanation of why probate should be avoided – and a full description of what probate is – is rarely given. At Brandy Austin Law Firm, PLLC, we have extensive legal experience helping clients set up their estate plans in order to avoid probate and can help you do the same for your family. The following is a brief overview of why the probate process should be avoided. For a more detailed information, contact a probate lawyer from our firm.
What is probate?
Probate is a judicial process by which an individual proves in court that a deceased person’s will is valid. This process also includes taking inventory of the recently deceased person’s property, appraising the property, and distributing the property according to the will.
Why should I avoid probate?
It involves a lot of paperwork and the presence of lawyers. Even more important, though, is that it can hold property in the estate hostage for months while the process works itself out, and the attorneys involved are typically paid from the estate property. Payment to a probate lawyer can take around five percent of the value of the property.
How can I avoid probate?
There are many ways to avoid probate. One of the simplest ways is to create a revocable living trust. In a living trust, the property is technically owned by a trustee, so the property can be transferred to the friends and family to whom you left it without difficulty. Alternatively, some property – such as ownership in land – can be jointly owned by more than one person. This joint ownership can be, for example, established as a joint tenancy with a right of survivorship, which means that property will pass from one owner to the other owner when the first owner dies.
What does avoiding probate not do?
Taxes: Bypassing probate does not mean you can bypass taxes. Even if you give a lot of property and money away while you are still alive, the state may be able to tax that as well. Gift and estate taxes are not contingent on probate.
Creditors: Avoiding probate does not mean you can avoid creditors either. Assets outside of probate can be used to pay claims made by creditors after a property owner’s death. In fact, in many states’ creditors have more time to make claims on property that has not gone through probate. When a creditor is informed by the probate court about the proceeding, the creditor has a limited amount of time to make a claim. For property that is not probated, however, creditors are often able to sue for property a year or two later.
If you would like to know more about probate and how to avoid it, or if you have any other questions on matters pertaining to estate planning, contact an Arlington, TX probate lawyer from Brandy Austin Law Firm, PLLC today.
Probate administration differs from state to state. In Texas, there are a few peculiarities to the probate process. If you are named as the executor in someone’s will or are the person in your family who is responsible for sorting through assets after a death, Brandy Austin Law Firm can assist you.
Probate is the legal process of managing and settling the estate of a deceased person who had a valid Will. Estate Administration is the legal process of managing and settling the estate of a deceased person who did not have a valid Will. In almost all cases, either Probate or Estate Administration is necessary to pass title of an asset from the deceased to a beneficiary.
Our firm represents executors, family members, and beneficiaries during the probate and estate administration process. We can advise clients about the most effective way to avoid and/or settle disputes related to an estate.
To Probate Or Not to Probate?
Not everything will need to go through the probate process:
- Some banks accounts are held jointly — with a surviving spouse, for example. The funds in the account will go directly to the survivor.
- Life insurance payments are generally made without going through probate. There are exceptions if a trust owns the policy and not the deceased, or if the estate set up other life insurance trusts.
- Also, ownership of some real property held in joint tenancy will automatically transfer to the surviving joint tenant upon the death of the other. There is no need to probate some types of property ownership for title to transfer upon death.
The size of the estate can also determine the proper probate procedure to follow, if any.
If the deceased person owed money to any person or business, those debts would need to be paid from the assets of the estate before any other disbursements can be made, in most circumstances.
Not many people want to take the time to learn about wills or probate from a Texas probate law firm attorney. After all, it isn’t usually a topic that you want to think about. There comes a time where it’s crucial to consider a will and to at least understand the basics of estate planning. Having a solid estate plan is the only way to provide for your family if something were to happen to you. To help shine a light on wills and probate, here are some common misconceptions debunked.
Probate Depletes Your Assets
A lot of people have nightmares about probate. They worry that they need to avoid probate at all costs. This isn’t normally the case. For some estates, you won’t even need probate. If you don’t have a lot of assets, then you may even be able to work around probate entirely.
Even in the case where an estate needs formal probate, it usually costs about five percent of the total value of the estate. Now, there are exceptions to this, of course. If one of your family members decides to contest the will, then those expenses can start to rise. When disputes go to trial, the estate may need a probate law firm in Arlington, TX. It is better to have a will that is difficult to dispute.
Probate Takes Years
As an attorney from a Texas probate law firm can explain, in some cases it is possible for probate to take years. This is not typical, however. In fact, most of the time, probate lasts less than a year. The reason that there is usually a delay is that creditors are given time to submit claims. Again, the cases where probate lasts longer is usually because there is someone who is disputing the will. Additionally, if there is a complicated estate, it may take longer. The most complicated estate plans involve those who earn income even after their death.
Some people are afraid that having a will is only going to force their loved ones through a long and expensive process through probate. The truth is that most of your assets will still go to your loved ones if you have a solid will. The most important consideration is how you draft your will. When it comes to writing your will, it is important that you speak with a probate lawyer Arlington, TX clients recommend. You want to make sure that your will cannot be disputed and that it fits the needs of your family, including probate costs. To make sure that your estate plan is in good shape, consult with Brandy Austin Law Firm, PLLC., a seasoned Texas probate law firm.
What Is Probate?
A probate lawyer understands that legal issues surrounding estate planning can be confusing. These are often subjects people do not like to talk about. After all, who wants to think about a time when we are no longer here to support our loved ones?
At Brandy Austin Law Firm, we know that although it isn’t a popular subject, it is nevertheless a very important one. We have been assisting clients with estate planning and another probate needs for many years and are available to help you with drafting documents to make sure that your wishes are meant when you are no longer here.
Do I have to probate if the decedent had a will?
YES! Or at least some form of probate. When a person dies, the law says their estate must go through the probate process. This is true whether you die with or without a will. The probate process is to ensure that all of your property is legally distributed the way you wished and that all of your debts are taken care of. Although in theory this sounds like a positive and straightforward process, there are several reasons why it is often better to avoid the probate process. Your probate lawyer can explain how probate may affect your situation, but the following are common reasons why:
- Amount of time: The probate process typically takes approximately 12 months, depending on the laws of the state you live in. In some cases, such as when a will is being contested, this process can take even longer. While your estate is being probated, your heirs are unable to access any of the assets you have designated for them upon your death. In many cases, this can cause a financial hardship for your loved ones.
- Privacy: Once an estate is entered into the probate process, the files become available to the public. This means that all financial information, including who your heirs are, are also public, which could leave them vulnerable to nefarious actors.
- Control of the estate: Although your estate may have an executor that you have named, the probate court is still in control and has final say over your estate.
- Expenses: There are court costs and fees which are associated with the probate process. These expenses can run anywhere from 4 to 10 percent of the total gross value of your estate. In many cases, depending on that value and other factors, the probate costs could eat up a significant amount of your estate, decreasing the amount your heirs will receive.
Joint Ownership and Avoiding Probate
In situations where there is joint ownership – for example with spouses – then when one spouse dies, ownership of the property automatically transfers to the other spouse. This avoids the probate process. However, when the second spouse dies, the property must then be probated. All joint ownership does is delay probate.
Contact Our Experienced Attorneys And Legal Team For Help With Proving A Will In Probate Court
Brandy Austin Law Firm has helped many families through the complex probate administration process, both in contested and uncontested cases. We can also help you if no probate is needed, which is efficient and cost-effective.
Please contact us about your probate, estate or will drafting questions. We also represent clients in Arlington and Burleson, Texas. Please call us to arrange a free consultation.
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