Houston Probate Lawyers
Do you need to settle an estate via court supervision? Did the court appoint you as the executor of the will? As the executor of the estate, you have the legal right to manage the assets of the will. Furthermore, you can pay bills, taxes and gather the assets. Also, you can also distribute the assets to designated beneficiaries or heirs, if you are the executor. Moreover, contact Houston probate lawyers if you have questions about the probate process in Texas.
Houston Probate Attorneys Explain Why Not All Assets Are Subject to Probate
It is essential to have a good understanding of the probate process. One crucial aspect of probate in Texas is that not all assets are subject to probate. Four types of assets that can go without probate are:
- Joint Tenancy assets: this applies when one joint tenant dies, and the surviving joint tenant becomes the owner of the entire asset without a court order.
- Tenancy by the Entirety or Community Property With Right of Survivorship: these are forms of property ownership that are similar to joint tenancy because the survivor owns the entire property at the death of the other tenant. The only additional requirement is that it is only available to married couples.
- Beneficiary Designations: retirement accounts that have named beneficiaries. Also, insurance policies have named beneficiaries. Once the policyholder passes away, the designated beneficiaries can collect the assets in the account.
- Payable on Death Accounts or Transfer on Death Accounts: this applies to the designated beneficiaries on bank and brokerage accounts
Houston Probate Lawyers Explain the Difference Between Independent and Dependent Administration
Does the estate need to be settled via the court? This is dependent administration. Does the estate need to be settled outside of court? This is independent administration.
When multiple beneficiaries are involved, it may be more common to have dependent administration. Also, the reason for this is that all beneficiaries cannot agree on their own.
Houston Probate Attorneys Can Answer Your Probate Questions
Fill out our form on this page to get referrals to qualified Texas probate lawyers who can help you. Also, you can call us and request a free consultation.
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Certified by the State Bar of Texas