|
1. What is
probate?
Probate is the
official process of proving the validity of a will and appointing an
executor or administrator to handle the decedent’s estate. When
probate has been granted, "Letters Testamentary" or "Letters of
Administration" will issue from the court.
2. How can I avoid
probate?
There is no one right
way to avoid probate. The following are some of the ways to avoid
probate:
-
Pay-on-death
designations – designating a beneficiary will help you avoid probate
for bank accounts, government bonds, individual retirement accounts
and, in many states, stocks and other securities.
-
Joint tenancy - a
form of shared ownership where the surviving owner(s) automatically
inherits the share of the owner who dies.
-
Living trust – a
revocable living trust, created by signing a trust document, which
allows for the transfer of property by distribution directly to the
beneficiaries named in the living trust.
-
Insurance - if you
buy life insurance, you can designate a specific beneficiary in your
policy.
-
Gifts – anything
given away during your lifetime does not go through probate.
3. Does all
property go through probate when a person dies?
No. Most states allow
a certain amount of property to pass free of probate, or through a
simplified probate procedure. In addition, property that passes
outside of your will -- through joint tenancy or a living trust -- is
not subject to probate.
4. Who handles the
probate?
The executor named in
the will is in charge of probate. If there is no will, or the will
fails to name an executor, the probate court names someone (called an
administrator) to handle the process. Most often, the job goes to the
closest capable relative or the person who inherits the bulk of the
deceased person's assets.
5. Do I need a
lawyer to assist with probate?
While there is no
requirement to use a lawyer, probate can be a complicated and long
process. We recommend that you do contact
a lawyer at Heard and Smith to assist you in the probate process. One
minor omission, one failure to send a proper notice, or a missed
deadline, can cause everything to come to a grinding halt or expose
the estate to liability. It is best to seek the assistance of an
attorney when handling probate, wills, and estate planning.
For more information about Probate in Texas, please see:
Our Probate
page
Articles: Wills and
Probate
Articles: Independent
Executor
Estate Planning & Probate Links
Estate Planning Glossary
|
