Administering Nonprobate Estate Assets In Texas
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, our probate and estate planning lawyers at Griffin and Cain Attorneys at Law are ready to assist you.
Understanding Nonprobate Assets
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.
Common examples include ‘Payable on Death Clauses,’ often found in account agreements. If you assigned a beneficiary for a payable-on-death clause, they need not go through probate – but only provide adequate proof of death and identification to the holder of the account. Further, Texas offers a ‘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. Lastly, the most common example of a nonprobate asset is life insurance. This is a contract that pays out a set amount upon someone’s passing or other life-based events.
If you are interested in planning an estate that may be able to avoid probate, contact a lawyer with Griffin and Cain Attorneys at Law. 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.