Non-Probate Property

By creating a will, a person is taking steps toward preparing his or her loved ones for the future. In a will, a person designates how his or her property should be divided after death. However, some property is classified as non-probate and is not under the control of a will. When discussing end-of-life preparations, it is important to understand the difference between probate and non-probate property and how these different types of property will be distributed among your loved ones.

Types of Non-Probate Property

Non-probate property is the property that is not part of the estate that is distributed by the deceased person’s will. Types of non-probate property include:

• Jointly-owned property. This property normally passes to the surviving joint owner.

• Life insurance. The proceeds of your insurance are paid to the designated beneficiary, as your contract states.

• Trusts. Sometimes, trusts substitute for wills altogether.

• Annuities and retirement benefits. Employees may choose to have their retirement benefits continue payments to a designated beneficiary.

It is important to understand non-probate property and how its provisions may interact with those of your will. Unless you are careful to coordinate the provisions of your will with the ownership of your non-probate property, beneficiaries may encounter trouble later as your will may not work the way you had planned.

Contact Us

At Garg & Associates, P.C., we understand the delicate nature of end-of-life preparation and work closely with each of our clients to ensure that they get the information they need to make important decisions for their loved ones. To learn more about probate and non-probate property or for help establishing a will or a trust, contact our Houston wills and trusts attorneys by calling 281-362-2865.