Helping You Determine Which Assets Go Through Probate
You are well-prepared in estate planning. Your will or trust has been created, and you have talked with your family about your plans. But you still wonder which of your assets will be reviewed and considered during the probate process.
You need answers, and the Law Office of Carrie Kemper Allen, PLLC, in Pearland, Texas, can provide them. Your hometown family law attorney with more than 15 years of experience can provide simple explanations for complex problems. Knowledgeable and attentive, attorney Carrie Kemper Allen brings reliable and effective representation.
Explaining The Differences Between Probate And Nonprobate Assets
We can explain the differences between probate and nonprobate assets, while providing peace of mind. Nonprobate assets may be your life insurance as well as retirement accounts, including traditional and Roth IRAs and 401(k) or 403(b) plans. These assets require beneficiary designations, which overrule any contents in a will.
However, there is an asterisk with these assets. If all named beneficiaries die before the owner, the assets divert back to the estate and are subject to the probate process. The same holds true if the decedent did not name any beneficiaries at all.
Assets that typically go through the probate process include:
- Individual assets that may include bank accounts; investment accounts such as mutual funds and stocks and bonds; tangible property such as motor vehicles, boats, airplanes and houses; and personal property such as antiques, artwork and electronics.
- Property known as “tenant-in-common assets.” This category includes property in which the titles include the name of the decedent with one or more people. They may include some real estate as well as assets such as bank and investment accounts, stocks, bonds and motor vehicles.
- Assets not included in a trust. A living trust allows you to avoid the probate process. However, this may not always be the case if the decedent accumulated more assets while still alive and failed to pass them to his or her trust.
You want a well-defined path regarding your estate plan. With the guidance of our law firm, you can be reassured that you have implemented a solid estate plan.
A Skilled Attorney Who Can Help
When you have questions about the probate process and which assets will be reviewed during this legal step, the Law Office of Carrie Kemper Allen, PLLC, in Pearland, Texas, will provide you with insightful answers. Clients in the south Houston metro area, including Brazoria, Galveston and Harris counties, have benefited from our counsel. For assistance, contact us through this online form or call 713-804-5889.