Ideally, your loved one has an estate plan that avoids probate. But if you are an executor settling an estate, there are steps to follow. The probate process can be daunting after a loved one passes away. We'll outline Texas probate and why working with an estate attorney is a good idea to save stress, time, and costs.
You might not know that Texas probate is more manageable than many other states. The first step in Texas is figuring out the correct probate process that applies to the estate. Once you've figured that out, you must follow the proper steps and provide the required documents.
At a probate court hearing, the judge will list the responsibilities of the executor of the will, including contacting any beneficiaries and creditors, appraising the deceased's assets and paying any outstanding creditors and taxes.
At the second court hearing, the judge will ensure that all these tasks have been accomplished and close out the estate, so that the transfers of money and other assets in the estate may start.
Each state has specific probate laws to determine what's required. Unless someone has no assets or descendants when they die, probate may still be necessary to settle the deceased's remaining affairs, including debts, assets and paying their final bills and taxes.
The most important question in any probate matter is the amount of the deceased property to determine whether or not probate is necessary. In Texas, the property threshold is less than $75,000 to be exempt. The formal process includes these steps: Read our blog, Estate Planning Checklist to Put Affairs in Order and learn more about probate in Texas.
As an executor, you can expect an average of 9-12 months from requesting probate to the final court hearing. There are several factors affecting the time it takes, such as having a will, disputes, and the complexity of the estate assets.
There are two types of probate that affect a Texas probate court's oversight through the process.
If all beneficiaries agree, executors typically ask the court for the authority to act independently for a faster, less challenging, and less expensive process and to avoid posting a bond or getting an insurance policy to protect the estate against losses from their careless or dishonest acts. Independent administrators don't ask for court permission to pay debts, set aside a family allowance, sell estate property, or distribute assets to the people entitled to inherit them.
Having an experienced estate planning attorney in Texas to help you complete the probate process, saving the headache and the overwhelm of finalizing your loved one’s estate. For an experienced estate planning and probate attorney in Tyler or Mineola, book a consultation with Bradley Campbell.
Working with a well-versed attorney will guide you through the nuanced probate process, including:
Muniment of Title: A process shortcut used when there is a valid will, there are no unpaid debts (except real-estate secured), Medicaid does not have a claim to recover benefits the deceased received
Small Estate Affidavits: When an heir inherits property without filing for probate or they use a muniment of title. The heir can use an affidavit or a sworn statement to the collect the property if there is no will and the total value of the probate estate is $75,000 or less.
Small Estate Procedures: Executors use a small estate process when the property's value isn't more than the amount needed to pay the family allowance for the surviving spouse, minor children, adult special needs children, and certain creditors.
If you are an executor for a loved one's estate and would like guidance to make the process easier or considering what will happen to your estate if you pass away, book a consultation with Texas attorney, Bradley Campbell.
