10 Common Misconceptions About the Texas Probate Process
The Texas probate process can be complicated and is often misunderstood as an element of estate administration. There are many preconceived notions regarding probate, which may be in contradiction with the reality. In this post we'll look at ten commonly held myths regarding probate laws in Texas and focus on providing clarification on these crucial questions. All Estates Must Go Through Probate The most widely-held myth is that all estates need to be disposed of in probate. Actually the truth is that not every asset is affected by the probate procedure in Texas. The assets that are typically exempt from probate typically include: Trustee property that is held in living trusts Funds that are designated as beneficiaries (e.g. life insurance policies or retirement accounts) Property jointly owned by the joint owners with the right to survivorship Accounts payable-on-death (POD) accounts Knowing which assets need probate, and which do not will benefit to plan the estate of your loved...