Protecting Family Wealth after the Death of a Loved One by Texas Family Wealth Lawyer

Protecting Family Wealth including Texas Real Property after the Death of a Loved One Can Be Difficult by Texas Family Wealth Lawyer Jason S. Coomer

For many families the vast majority of their wealth is in real property.  This wealth can often become trapped and lost when one of the owners of the real property passes away.  Several dangers exist including estranged heirs, minor children heirs or beneficiaries, unknown heirs, and heirs or beneficiaries on public assistance.  Understanding these potential traps can help a family avoid losing significant wealth.

Texas Real Property Transfers Into The Estate of a Deceased Owner  

In Texas, if a person dies owning real property, their real property typically transfers immediately into their estate.  This transfer can cause a variety of issues for co-owners as well as people living in the deceased's real property.  In many situations, the family of the deceased is unable to refinance, sell, or transfer real property after the loss of a loved one.

Transferring Texas Real Property Out of an Estate of a Deceased Owner 

Once real property is transferred into an estate, the trick is knowing how to transfer Texas real property out of an estate to the deceased's rightful heirs or beneficiaries.  This transfer is commonly done through a Will probate hearing, suit to determine heirs, or affidavit of heirship.  However, each type of potential transfer has its limitations and costs.  The affidavit of heirship is typically the easiest and least expensive, however, it has several limitations.

For more information on protecting family wealth and transferring Texas real property, please go to the following web page: Clearing Title to Texas Real Property and Businesses.