Being the executor of an estate that’s been thoroughly planned sure feels like luck, but that’s because the testator put in the work to make sure everything went smoothly after their passing.
What’s an executor and what’s a testator?
Probate is a process that occurs in a court of law and has a lot of legalese. It can take months, depending on the estate plan your loved one executed during their lifetime. All the legal terms and documents can get overwhelming, especially while you’re grieving, which is why Ard Law Firm, PLLC works hard with our clients to avoid probate.
- Executor- is someone named in the Will who will lead the charge on probate and “execute” all of the provisions set forth in the Will.
- Testator- is the person who signed the Will. If someone dies “intestate,” that means they passed without creating a Will, in which case the probate process gets a little tricky, but we’re here to help.
- Probate- is the legal process for a Judge to approve a Will, and then for the executor to change ownership of a deceased person’s assets.
- Beneficiary- is simply someone who will benefit from whichever document(s) you execute.
“I don’t want to put my kids through that,” is something we hear a lot from folks who have had the unlucky task of going through probate. They know firsthand the problems of inadequate estate planning and want their loved ones to avoid that headache.
What can I do to help my loved ones when I’m gone?
Executing a comprehensive Last Will and Testament with the help of an attorney is the best place to start in probate avoidance. Without a Will, the state you live in has plans for what will happen to your property after you pass away…and those plans aren’t always what you would have wanted to happen. But if you have a valid Will that explicitly outlines your wishes for your assets, then the probate process will be easier on those who survive you.
Designate a beneficiary to be paid at your death for all of your bank accounts, retirement funds, etc. This is one of the best ways to avoid probate. Please note that beneficiary designations are different from simply granting someone access to your accounts and financial powers of attorney end with the death of the person granting such powers.
In Texas, you can even designate a beneficiary on your vehicles with a VTR-121 form.
And lastly, keeping your home out of probate will save your friends and family a lot of time, money, and stress. There are a few ways to do this–of course, you can put the home in a trust, but oftentimes, a trust can become overly complicated for your needs, especially if there’s only one property. In Texas, you can either execute a Lady Bird Deed or a Transfer on Death Deed, both deeds allow you to name beneficiaries to receive the property at the time of your passing. There are slight differences between the two deeds, and once you speak with one of our attorneys, they can tell you which document works best for you and your family.
Don’t Leave Your Loved Ones Unlucky
It’s not superstitious to plan ahead, the future of your estate is in your hands. Taking steps to set up a solid estate plan helps avoid any unlucky issues for your loved ones once you’re gone.
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