When people hear “estate planning,” they often think of wills, but a will isn’t your only option. In fact, there are several tools that can help your assets pass directly to your loved ones without going through probate court. While having a will is still important as a backup, using these tools can simplify the process, reduce stress, and save time and money for your family.
Common Tools That Help You Avoid Probate
- Transfer on Death Deed
Lets you name a beneficiary for your home or other real estate, so the property transfers automatically after death without going through probate.
- Ladybird Deed (Enhanced Life Estate Deed)
Allows you to keep full control of your property during your lifetime while naming someone to inherit it when you pass away.
- Right of Survivorship Accounts
Bank and investment accounts that automatically transfer to the co-owner when one person dies.
- Pay-on-Death (POD) Designations
Allows you to name a beneficiary for your bank accounts so they’re transferred directly, bypassing probate.
- Vehicle Beneficiary Designation (Form VTR-121)
In Texas, you can name a beneficiary for your car by filing this form with the DMV.
Estate Planning FAQs
Is my Power of Attorney still valid after I die?
No. Any power of attorney expires when the person passes away. The named agent can no longer act on their behalf or manage property.
How long do I have to probate a will in Texas?
You typically have four years from the date of death to file a probate case. There are some exceptions, but it’s best to consult with an attorney if you’re unsure.