TEXAS LEGISLATURE PASSED A NEW LAW IN NOVEMBER 2015 THAT NOW ALLOWS PROPERTY TO BE TRANSFERRED WITHOUT PROBATE
It has always seemed strange to me that a husband and wife or any two co-owners could not simply leave their half of their home to the other at death, like a bank account. I looked and looked but all the attorneys gave me the same answer.
Now with the creation in Texas of the “Transfer on Death Deed” you can be file it in the county and boom!, no probate. The process is simple but must be done properly using exact language. The property can go to a person or an entity. The enabling statute can be found here. The main reason living trusts have become so popular is to avoid probate. Living trusts work if you have a number of properties and a lot of assets, otherwise they are expensive and must be kept up until you die.
Also LLC’s are another way to avoid probate and they provide asset protection as well.. If you would like more details let me know.
Call David Disraeli for more details at 512-464-1110.