There are several legal strategies that beneficiaries and heirs can use to avoid probate. An Austin estate planning attorney can explain the benefits of each in detail, including:
- Joint Tenancy and Tenancy by the Entirety – You can add a joint tenant with rights of survivorship to your assets. This allows your property to transfer to them when you die without going through probate.
- Beneficiary Designations – Adding a Transfer on Death or Pay on Death beneficiary designation to your bank account allows an immediate transfer when you die without surrendering your current ownership over the property.
- Revocable Living Trust – You can create a revocable living trust and manage your assets while alive. Your successor trustee has the authority to manage and distribute your assets upon your death.