Administering Nonprobate Estate Assets In Texas

Not every asset passes under court supervision or by court-granted powers. Often, an asset will pass by contract or other agreement. These are called nonprobate assets. These are complicated estate planning issues, and you must understand how they work to make smart decisions about them.

At Griffin, Cain & Herbig, Attorneys at Law, PLLC, our probate and estate planning lawyers are ready to assist you. Whether you are the surviving loved one faced with sorting out the affairs of a loved one or are in need of making sure your assets end up in the right hands upon your own passing, we can help.

Common Examples Of Nonprobate Assets

Almost everyone has some nonprobate assets, but they may not recognize that these will need special treatment. The most common types of nonprobate assets include:

• Payable-on-death clauses are often found in account agreements. If you assign a beneficiary for a payable-on-death clause, they need not go through probate – only provide adequate proof of death and identification to the holder of the account.
• Joint title with a right to survivorship when it comes to a car. Thus, when one owner passes, the other owner has a vested right in the car.
• Life insurance: This is a contract that pays out a set amount upon someone’s passing or other life-based events.

However, these are just a few examples, and there are several other scenarios. We can work with you to determine any and all of the nonprobate assets in your possession and help you plan how to use them.

Reach Out To Us To Learn More

If you are interested in planning an estate that may avoid probate, contact a lawyer. We may be able to assist you in transferring your house, car and funds without the use of a trust or probate upon your passing, thereby easing the burden on your family.