Many people think that as long as your will clearly defines how you would like to transfer your property at your death, it will be an easier, straight forward process. However, this is not always the case. Especially when it comes to probate in Harris County. There are many different rules that can impact how assets are transferred in a way that maybe you had not intended.
Probate is the legal process of overseeing the transfer of property of an individual that passes away without a living trust. During the creation of your will, you will name an executor to oversee the process of carrying out your final wishes and the transfer of your assets that are in your name.
But, does everything you own have to go through this probate process—which is public, easy to contest and can take a long time? It depends. Property can become non-probate property depending on whose name is listed as the owner. Property will be considered non-probate property if:
- There is a joint owner with right of survivorship
- A beneficiary is already designated on a life insurance or a retirement account
- Property is owned by a trust with named beneficiaries
In these cases, joint owners and beneficiaries displace the request of the will. At the time of death the property will pass automatically to the joint owner or beneficiary without the approval of the probate court.
The bottom line is that your will is not necessarily the final authority on where your property and assets will go at the time of your death. Knowing the difference between which assets are subject to probate and which are not can save your family a lot of heart ache. If you want to be certain that your family gets the money and property that you want to leave to them, call our office at (281) 885-8826 to schedule a consultation.