Pearland Probate Lawyer | Introduction to Probate
Published 11/20/2020 by Shane Kersh
Introduction to Probate
Do not fear probate! Texas has a simple, streamlined process (compared with other states).
Why do people say they want to avoid probate? Do people need the best probate attorney possible? Of course!!
- Time consuming
- Slow
- Costly
- Public
Purpose of the probate process:
- The ultimate goal is to get the assets out of decedent's name and into the name of the decedent's beneficiaries or heirs.
- The forthcoming options are mechanisms to accomplish that transition.
People die, leaving behind many different types of things:
- Houses
- Cars
- Bank Accounts
- Retirement Accounts
- Life Insurance
- Household Goods
- Clothing & Personal Items
- Jewelry
- Antiques and collectibles
- Art
- Stocks & Bonds
What are NON-probate assets?
- Trust property
- Jointly held accounts
- Accounts with beneficiaries (P.O.D. accounts)
- Life Insurance with a beneficiary named
- Real Property Deeded upon death
- NOTE: Texas real estate is not generally right of survivorship
What are considered probate assets?
- Assets titled solely in Decedent's name…could include:
- Real property
- Cars
- Bank Accounts and Retirement Accounts that do not have a listed beneficiary or the beneficiary is the Estate
- Clothing & Personal Items
- Jewelry
- Antiques and collectibles
- Art
- Stocks & Bonds
- Life Insurance if no beneficiary listed or beneficiary is deceased
Do I have to probate a will? There are differences of opinion on this:
- If a will exists, but decedent's "estate" only contained non-probate assets (for ex., house was in a trust & bank accounts had beneficiaries), there is not a necessity to probate the will; however…
- Sec. 252.201 of the Texas Estates Code says. "WILL DELIVERY. On receiving notice of a testator's death, the person who has custody of the testator's will shall deliver the will to the clerk of the court that has jurisdiction of the testator's estate."
- 4-year statute of limitations for probating will
- Can still probate a will, but cannot have an administration
- Muniment of title is an option after 4 years
Published 11/20/2020 by Shane Kersh
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