Probate is known for being a long and complicated process that many people try to avoid. If you want to save your loved ones from the hassle and expenses of probate, you might be wondering if a will is all it takes to get the job done.
Our Dallas-Fort Worth estate planning attorneys explain if you still need to go through the probate process if you have a will.
Can a Last Will and Testament Help Avoid Probate?
Unfortunately, no. A will requires the probate process to be completed. Before your loved ones can inherit your assets, they must, with the assistance of an attorney, submit an application for probate in the probate court within four years after you pass away. If you fail to probate a will within the four-year time period, then it will become even more costly to wrap up the decedent’s estate.
If your current estate plan only consists of a will, there are other documents that can help your loved ones avoid the probate process when you pass away.
Get answers to common questions about wills and probate in our blog post here.
How Can I Avoid Probate in Texas?
It is possible to avoid probate with careful estate planning. Avoiding probate can not only reduce legal fees but can expedite inheritance distribution. One of the most common ways to avoid probate is through the use of a revocable living trust.
Assets can be placed in a revocable living trust without negative tax consequences. When assets are placed in a trust, the trust creator can still use the assets during their lifetime. However, upon their death, the assets in the trust are passed to the trust beneficiaries listed in the trust document. The transition of assets is often seamless and does not require beneficiaries to complete the probate process.
If you want to develop a comprehensive estate plan that will help your loved ones avoid probate after you pass, contact our Dallas-Fort Worth estate planning lawyers today at (972) 560-6288 to schedule a consultation!