One widespread misconception is that a deceased's assets are entirely locked away until the probate process is complete, leaving families to wonder how they'll manage immediate expenses like funerals. The truth is, Texas law provides pathways for accessing certain assets to cover funeral expenses even before probate formally begins.
Banks and other institutions often have policies that allow for the release of funds specifically for funeral costs upon presentation of the death certificate and an invoice from the funeral home. This ensures that families can carry out funeral arrangements in a timely manner, honoring their loved one's memory without undue financial strain.
Additionally, life insurance policies and payable-on-death accounts can typically be accessed without going through probate, providing immediate financial support to beneficiaries. These assets pass outside the probate estate, directly to named beneficiaries, offering a lifeline during a challenging time.
Understanding these options is crucial for estate planning and managing the period immediately following a loved one's passing. It highlights the importance of being informed about the specifics of your assets and how they can be utilized to support your family's needs, even before the probate process is underway.
