Does Your Will Address Property Ownership?

Thanks to the incredible weather, spring has come early this year and “For Sale” signs have begun lining neighborhood lawns. Purchasing a new home is an exciting and hectic time for couples which can often times lead to the failure of proper estate planning. Woman moving

If tragedy were to strike, and you or your spouse passed away, what would happen to your home? Most people assume that the living spouse automatically takes full ownership of the home, but this may not be the case.

In Texas, any property purchased during a marriage is equally owned by both spouses and each person has a right to dispose of their half in whatever way they see fit. If one person passes away, the living spouse may not take full ownership because of terms in a Will or the statutory order of inheritance without a Will.

While a Will is the best overall course of action, in some cases including a transfer on death deed to the plan is a wise choice. This deed will transfer title of the property to the surviving spouse or other designated person without having to go through the probate process.

An estate plan is more than just a Will. Estate planning attorneys have an arsenal of tools at their disposal to help craft an estate plan to fit your needs and desires.

To read more about a transfer on death deed click here.

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Law Offices of Debbie J. Cunningham

Debbie Cunningham is an Irving attorney providing affordable estate planning to the Dallas/ Fort-Worth areas. She understands the steps you should take to protect yourself and your loved ones. Debbie is family-focused and wants to ensure her clients are fully informed on the options that are available for their families. Debbie’s own blended family has given her valuable insights into the complexities of family dynamics.

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