In Texas, there are a few methods which allow some assets to avoid the probate process completely. Assets included in Transfer-on-Death Deeds (TOD) such as vehicles, real estate, or registered securities, will transfer to the named beneficiary only when the designator dies. Funds in a Payable-on-Death (POD) designated bank account will also automatically transfer rights to the designated beneficiary only when the designator dies. Since Texas is a community property state with right of survivorship, property held jointly will automatically transfer to the surviving owner when one owner dies. You must consult a Texas Probate Attorney to determine if an estate’s asset can avoid being probated.
By rickguerra|2021-05-12T12:29:22-05:00May 12th, 2021|Comments Off on What assets can avoid probate?