Probate is a legal process where the Court assures that a deceased person’s debts are paid and that the estate is distributed according the individual’s Last Will and Testament. All will-based estate plans must go through probate to remove the deceased individual’s name from assets. If an individual dies without a will, and the property has not be placed into trust, the Probate Court will distribute the estate according to state law.
Probate in Texas is not as complicated, time consuming, and expensive as it is in other states. There are, however, disadvantages to a will-based estate plan that must be probated. Probate must be handled by an attorney. There is a delay between the time the individual passes away, and when the Executor can gain access to the assets. Probate is also a public process so the individual’s assets, and the names and addresses of beneficiaries will be published in a newspaper.
For these reasons, many people choose a Trust-based estate plan, which does not have to go through probate. At your initial consultation, John will discuss the benefits and drawbacks of each type of estate plan, so that you can make an informed decision about the right plan for you. Call us today at 469-210-8371 for more information.