Secure Your Estate: Why Intestate Succession Falls Short

You might wonder, “If the law already dictates that my loved ones will inherit my property under intestate succession, why bother with a will or trust?” While intestate succession laws in Texas do ensure that certain family members inherit, relying on those laws alone can lead to delays, higher costs, and unintended complications. Creating a will or trust allows you to bypass these problems and ensure a smoother transfer of your assets.

How a Will Speeds Up the Process and Reduces Costs

Having a will significantly simplifies and speeds up the process of distributing your assets after your death. Without a will, Texas law requires the appointment of an attorney ad litem to locate any potential heirs. This step can take weeks or months and adds additional legal fees. By preparing a will, you can streamline the probate process, minimizing delays and reducing costs.

A will also allows you to name an executor, someone you trust, to handle the distribution of your estate. This not only ensures that the right people receive what you intend for them, but it also prevents the court from appointing someone you may not have chosen. With a will, the process of transferring assets becomes far less burdensome and much more affordable for your family.

The Benefits of a Trust: Avoid Probate, Delays, and Publicity

A trust goes a step further by allowing your estate to completely bypass probate. Probate can be expensive, time-consuming, and public, exposing your financial and personal affairs to scrutiny. Trusts avoid these issues entirely, giving you the benefit of keeping your estate plan private and passing your assets directly to your beneficiaries without court intervention.

By setting up a trust, your beneficiaries gain access to your assets almost immediately after your passing, without having to wait for the often lengthy probate process. This can be especially important when dealing with major assets like a home or investment accounts. Additionally, trusts can help reduce or eliminate estate taxes, further protecting the value of your estate for your heirs.

Preventing Co-Ownership Disputes Over Property

One of the most significant issues that arise in intestate succession is co-ownership of property. For example, if multiple heirs inherit your home, they all become co-owners. This can quickly become problematic if they disagree about what to do with the property. One heir may want to sell the house, while another may want to keep it. This can lead to costly legal disputes, delays, and even a forced sale of the property.

A well-drafted will or trust can prevent these kinds of disputes by clearly designating who receives specific assets or by appointing a trustee to manage the property. This ensures that your heirs are not left with the burden of having to work out the details among themselves, which can save them both emotional and financial stress.

Conclusion

While intestate succession may distribute your assets to your closest family members, it comes with drawbacks like delays, higher costs, and the risk of co-ownership disputes. A will significantly speeds up the transfer process and reduces costs by eliminating the need for an attorney ad litem. A trust allows your estate to bypass probate entirely, avoiding delays, publicity, and unnecessary expenses. Both a will and a trust prevent the risk of your heirs becoming co-owners of property and potentially facing disputes. Planning ahead with a will or trust ensures that your loved ones are taken care of smoothly and according to your wishes.