Many believe the estate planning process with attorneys in McAllen is reserved for those who are part of the higher elite or only necessary when a person reaches an advanced age. However, this couldn’t be further from the truth. In fact, if you pass away without an estate plan, major assets such as your home, bank account, and vehicle may need to be distributed according to Texas intestacy laws. What does this mean for your major assets? Our McAllen estate planning lawyers at Fryer and Hansen have the answers you need.
Bank Accounts
If your bank account has no payable-on-death (POD) designation, it will go through a probate process where a court will determine how your assets will be distributed. However, if your account was created jointly with rights of survivorship, the person you opened it with will inherit the funds without the need for probate.
Homes
As you can imagine, the distribution of your home is perhaps one of the most convoluted processes following a person’s death. According to Texas intestacy laws, the surviving spouse of the deceased generally has the rights to the property. However, if there is no surviving spouse, the property can be distributed among the deceased’s children or other relatives according to a hierarchy established by Texas law.
Vehicles
Unlike homes, transferring vehicles is somewhat less complicated. In Texas, the vehicle can be transferred to heirs if there is a clear title and no liens exist. According to the Texas Department of Motor Vehicles, a vehicle can bypass the probate process through a transfer-on-death (TOD) designation. However, if there is no TOD in place, the vehicle may go through probate, where a court will determine the new owner.
Other Major Assets to Consider
While the above-mentioned assets are generally the most common, there are other major properties that you may be wondering about. For instance, retirement accounts and life insurance policies usually have designated beneficiaries. If no beneficiaries are found, these assets will most likely be subject to the probate process. Similarly, personal property such as jewelry and art can be distributed according to Texas intestacy laws.
Be Proactive with Fryer and Hansen – Attorneys in McAllen
Imagine someone you have no connection with being in charge of deciding how your assets will be distributed among your loved ones. As you can surmise, this situation can potentially lead to quarrels in your family and bad blood that could last a lifetime. Fortunately, these issues can be avoided by creating an estate plan that provides detailed instructions for how you want your property to be distributed. If this process sounds overwhelming, don’t worry. The experienced attorneys in McAllen at Fryer and Hansen are ready to help. Get in touch with us today to learn more about our services or to book your appointment.