We buy houses in League City TX and offer cash for houses in League City, Texas. Dealing with probate property can be a long and frustrating process. So, as homebuyers in Texas, we have here some things you can learn to avoid probate court in League City TX. Keep reading!
Nobody wants to have to go through the probate process. By planning ahead, people are able to avoid probate, giving their families the peace of mind they need when dealing with a sad and difficult situation.
Why Avoid Probate in League City, Texas?
There are a number of reasons people want to avoid probate in League City TX. First of all, there are fees. Attorney fees, appraisal fees, court costs, and executor fees can all add up fast. Oftentimes, the executor will waive their fee in an effort to maintain fairness among the family. In addition, the probate process can often be very time-consuming. All of the assets and heirs will need to be accounted for, with proper notice being provided. Debts will need to be paid and settled before any inheritances are passed on to the beneficiaries. All in all, going through the probate process isn’t something anyone wants to deal with if they don’t have to.
How to Avoid Probate Court in League City TX
Using a Trust in League City
A person can set up a trust to ensure their assets will not be subject to the probate process. By setting up a revocable living trust, a person can ensure items contained therein will not be subject to the probate process. The trust will need to be set up while the person is of sound mind and able to decide for themselves what will go into the trust. The trust can be thought of like a bucket; all assets the individual wants to place in the trust will then be set aside and managed accordingly.
Joint Ownership in Texas
When a person buys a home with someone else, they can enter a joint ownership agreement. With the right of survivorship, the property is passed to the surviving owner without having to go through the probate process. It’s important to set this up when purchasing a property as adding someone to the deed after the fact may cost money.
Designations in League City TX
Many times when setting up a bank account or life insurance policy, you will assign a beneficiary. By doing this, these items will not be subject to the probate process. A few states will allow you to create a transfer-on-death certificate for real estate you own, transferring the property after you die. Be sure that you keep your beneficiary designations up to date. Many people fail to make these changes after a divorce or after someone passes. This can lead to your ex getting everything or the asset having to go through the probate process.
Giving Your Texas Assets All Away
Before you die, you can consciously “give away” the majority of your assets to family members or other beneficiaries. If you don’t own the asset when you pass away, it won’t have to go through the probate process. Many assets, specifically items worth 11k or less can be given away without any federal tax penalty. You can gift a person this amount once per year and in doing so, you can significantly reduce the value of your assets that go through the probate process.
Smaller League City Texas Estates
In certain states, it can be easier to avoid probate if the person passing away has only a small estate. To be considered small, the amount of the estate will vary based on where you live.
Sell My House in League City Texas
It can be very beneficial for heirs to avoid the probate process in League City TX. Between the fees, costs, and stress, the process can be daunting and overwhelming, but we can help! We are Texas home buyers, and we’re always here to help walk you through the probate process for your property. If you want to sell your house in League City TX fast and securely, send us a message or simply fill out the form below. Knowing what to expect can make the process go much more smoothly.