Demystifying Probate in Texas
Fort Worth and Southlake probate services provided by McGee Law Firm helps your family navigate the process smoothly and efficiently.
At some point in your life you will likely find yourself involved in the probate of an estate. In case you are the heir of an estate, you will be working through the probate. Or, it could be because you are a named beneficiary of the estate of a decedent. It could also be because you were appointed as the Executor of an estate – or you volunteered for that role.
Regardless, a basic understanding of the probate process is key whether you are in Fort Worth, Southlake, or the surrounding areas. Moreover, a better understanding of the probate process will help you with your own estate planning efforts. At McGee Law Firm, our experienced probate attorney, Brandon McGee, can guide you through the process. This will help you prepare your own estate for the impact probate will have on the estate.
What Is Probate?
Probate is the legal process that serves to administer the estate of someone who has recently passed away. Although the probate process is unique for each estate, there are some common steps that occur during the probate of a typical estate, including:
- Identifying, locating, securing, and valuing the assets of the decedent.
- Initiating the probate process by submitting the decedent’s Last Will and Testament (if applicable) along with a petition to open probate to the appropriate court.
- Identifying and locating the legal heirs if the decedent died intestate (without a Will).
- Notifying creditors of the estate to allow them time to file claims against the estate.
- Reviewing claims filed by creditors and approving or denying each claim.
- Paying approved claims with available estate assets.
- Arranging for the liquidation of estate assets if necessary to pay debts of the estate.
- Defending the estate against claims or disputes.
- Calculating and paying any federal and/or state gift and estate taxes due.
- Transferring any remaining assets to the intended beneficiaries and/or heirs of the estate.
Who Oversees the Probate Process?
If the decedent left behind a Last Will and Testament, the individual named as the Executor in the Will is responsible for overseeing the probate of the estate. In that case, the terms of the Will determine how the estate assets are distributed at the end of the probate process. If the decedent left behind an intestate estate, meaning without a Will, someone will likely volunteer to oversee the probate of the estate as the Administrator. In an intestate estate, the state laws of intestate succession dictate how the estate assets are distributed.
One fairly unique feature of the Texas probate laws is the requirement that anyone who petitions to administer an estate (an Executor or Administrator) must have attorney representation. Texas law requires legal representation because an Executor/Administrator represents the interests of other people, namely the beneficiaries and/or heirs of the estate.
Does Texas Require Probate?
Some type of probate is typically required to ensure that assets are properly accounted for and transferred to the new owners. In the State of Texas, however, estates of modest value and/or without complex assets may qualify for a less formal version of probate administration that can save both time and money.
In addition, some assets are not subject to the probate process. Non-probate assets bypass the probate process altogether and include assets such as:
- Trust assets
- Proceeds of a life insurance policy
- Certain types of jointly held property
- Assets held in a “Payable on Death (POD)” or “Transfer on Death (TOD)” account
- Certain retirement and pension accounts
Why Is Probate Avoidance a Common Estate Planning Goal?
Many people include probate avoidance as a primary goal when creating their estate plan for several reasons. Privacy is one of those reasons. Once your Will goes to probate, the terms of the Will become public record, meaning anyone can learn the details of your estate distribution. Conversely, the terms of a trust, which bypasses probate, remain private. Another reason to avoid probate is the cost, both in terms of time and money, of formal probate. It usually takes at least six months to probate even a relatively modest estate in Texas because creditors have at least four months to file claims against the estate. The more complex and/or valuable the estate assets are, the longer it takes to get through the probate process as a general rule.
Finally, everyone who participates in probating an estate earns a fee for services. Those expenses, coming from estate assets, can significantly diminish the estate’s value for your family. Fortunately, by making probate avoidance a primary estate planning goal you can create a plan that avoids probate altogether, or at least dramatically decreases the time and money spent on probating your estate.
Learn more about Probate: Navigating Probate: What to Expect
Live in Fort Worth or Southlake and Need Probate Help?
Contact Us
At the McGee Law Firm, our experienced probate attorney commits to helping you navigate the Texas probate process. If you are the Executor, Administrator, beneficiary, or heir, we can help. We help you incorporate probate avoidance strategies to reduce your estate’s exposure to probate. If you need Fort Worth and Southlake probate help, reach out to our office. Contact the team today by calling (817) 899-3286 or fill out our online contact form.