When a person passes away, the most likely heirs are their spouses, children and family members. Unfortunately, not all Texas residents want their assets going to family members. There are a few different tactics that you can utilize to help avoid your assets ending up in the hands of your disinherited family members.
Make use of beneficiaries and co-owners
Estate planning can be done in a number of different ways to help ensure that your assets end up in the hands of who you want them to. One of the easiest ways to avoid your family members getting their hands on any of your assets is to simply make use of co-ownership and beneficiaries. For example, your life insurance policy will have you name a beneficiary. After passing, the life insurance policy will automatically be paid to your beneficiary, and the money will never reach the probate process.
When it comes to real estate, you can ensure that these tangible assets never make it to the probate process by simply naming a co-owner. Upon your passing, the co-owner will just need to bring in a copy of your death certificate to have the deed updated to just solely their name.
Use a no-contest clause
If you have a large net worth, it’s possible that a disinherited family member will try to contest your will. In most cases, a family member does have standing to actually contest your will. This will put your will at a standstill until the legal proceedings are done. One solution for protecting against the contesting of your will after your passing is to put in a no-contest clause. In the event that a family member tries to contest your will, they will end up getting nothing. However, it’s important to realize that in order for this to work, you will have to leave that family member at least some bit of an inheritance.
Just because people are family does not mean that they get along. There are many reasons why a person may want to disinherit another family member from their will. The above are two great tactics that you can use to ensure that specific people do not have access to your assets upon your death.