Probate in Texas: What You Need to Know
Travis County Probate Courthouse
Probate is one of those words that can strike fear into the hearts of even the bravest individuals. It's the legal process by which a person's assets are distributed after they pass away.
It may seem frightening, but it is an important step. This ensures a person's wishes are respected and their assets are distributed as they want. In Texas, probate is regulated by the Texas Estates Code. There are some important facts to be aware of regarding the probate process.
The first step in the probate process is to file an application with the appropriate court. This application provides information about the deceased person, including their beneficiaries, heirs, and assets.
The court will appoint an executor or administrator to manage the estate once the application is approved. If there is a will, an executor will be appointed. If there is not a will, an administrator will be appointed.
The Executor or Administrator is responsible for managing the deceased person's assets. Including, but not limited to, paying any debts and taxes owed by the estate. They must also distribute the remaining assets to the heirs.
The executor or administrator of the estate plays a critical role in the probate process. This person is responsible for fulfilling the wishes of the deceased. They must act in the best interests of the estate and its beneficiaries. The executor, or administrator, must be careful in managing the estate's assets and making distributions to the heirs.
One thing that many people don't realize is that there are alternatives to probate in Texas. An example of this is when the value of a deceased person's assets is less than $75,000. Exemptions such as homestead and other property are not included in this amount.
In these cases, heirs of the deceased may be able to use a small estate affidavit to avoid probate. Additionally, assets held in a trust, or that have designated beneficiaries (such as life insurance policies or retirement accounts), typically do not go through probate.
Another unique aspect of Texas probate is that it's a community property state. This means that both spouses own all property acquired during the marriage. When one spouse dies, their share of the community property must go through probate. Additionally, Texas has a relatively high estate tax exemption, which means that larger estates may be subject to federal estate taxes.
Probate is an important step in the process of distributing a deceased person's assets in Texas. It is essential to understand the laws and regulations of probate in Texas. This is relevant for executors and administrators of an estate. Even if you are not directly involved in the process, it is important to familiarize yourself with this information. If you are in need of assistance with the probate process in Texas, give us a call at 512-374-4922 or complete our probate intake questionnaire to speak with one of our probate attorneys.