Page 47 - Senior Link Magazine Spring 2022 - Online Magazine

SENIOR RESOURCES

the question of whether one should avoid
probate.

Texas happens to be a great place to die;
for most people, the probate process here is
relatively straightforward with little hassle
and, therefore, relatively inexpensive; the
expense is deferred until ‘the end’. Trusts
have an up-front expense, they certainly
are not hassle-free, and they exist for life.
So, on average, there is little advantage
in avoiding probate in Texas for expense
alone. Also, most deceased’s estates have
little or nothing to hide, so publicity often
does not figure prominently in the decision
whether to probate. Texas allows the personal
representative to file an affidavit, in lieu
of inventory in many cases, which further
mitigates privacy issues.

However, there are two circumstances,
among others, where it might make sense
to avoid probate, even in Texas: fear of a
contested will by an unhappy beneficiary
and ownership of out of state property. In the
first case, it is much more difficult to contest
a trust than a will, and in the second case,
holding the out of state property in a trust
can avoid the expense of probate in Texas
and the possibly ancillary probate procedures
in the state or states where the decedent may
own real estate.

As the few examples provided above show,
whether one should plan to avoid probate
depends on the applicable jurisdiction
where probate would occur, expensive and
painful or not, and if special circumstances
exist, such as a possible contested will or the
ownership of property outside of Texas. In
all cases, you should seek competent legal
advice as you make your estate plans since
the information provided here is necessarily
abbreviated and meant to inform and not
direct estate planning decisions. Furthermore,
the educational material provided here
cannot create nor imply the existence of a
client-attorney relationship with any reader.

Lubbock Senior Link 47