Dying without a will is call dying “intestate”. In this case the state laws of intestacy control who will receive your assets. In Texas the probate code contains a long and involved series of scenarios that encompass almost every possible scenario. The problem is the process requires a significant amount of court involvement, probably an a attorney and time – lots of it.
Even if you have a will, it may be determined to be invalid or improperly executed or contested by an heir. Living trusts have received a great deal of attention because they avoid probate, are private and very difficult to contest. The assets inside a living trust pass directly to the beneficiaries without any court intervention. By the time an heir finds out about the assets and tries to contest it – the assets have already been transferred. The worst part about dying without a will or living trust is that your assets may not go where you want them to, you could disinherit someone and your spouse may not have access to money at a time he/she desperate needs it. For more information contact David Disraeli at 512-464-1110