It’s important to include every valuable asset into your estate plan, which includes public or private property and all of the contents inside. If you own multiple properties in Texas, the process could become complicated, so familiarize yourself with the potential ways to pass on property.
You are strongly encouraged to include private property in your estate plan. This ensures that your property is distributed to the right heirs instead of being turned over to the government and sold off to random buyers. A plan also ensures that your property does not become entangled in a lengthy probate court case.
Power of attorney
It’s recommended that you create a power of attorney, or POA, to choose who will make important decisions for you. The agent of your POA will decide how your property is handled if you become too sick or disabled to decide for yourself. Your agent will authorize and execute the sale of your property and help distribute your remaining assets.
Transfer on death deed
A transfer on death deed, or TODD, allows for the streamlined transfer of your property to your beneficiaries without probate. The document also prevents real property from being taken under the Medicaid Estate Recovery Program. Your TODD must be filed in the deed records in the location of your property.
The importance of property planning
Estate planning in the form of a will or a trust is recommended to every property owner. The more properties you own, the more complicated the probate process becomes for your family members, but you can make things easier for them by planning in advance.