Probate In Texas Small Estate

Probate In Texas Small Estate

Texas Probate Procedures For people with very little probate assets such as a modest home and a small checking and savings account die without a Will, going through probate can be a waste of time and money. An easier way is for the heirs to process Small Estate Affidavit with the help of an experienced Small Estate Affidavit lawyer. Probate is a process that involves a probate court distributing an estate to the proper heirs. See also…probate attorney Austin, Tx. Requirements To Qualify For Small Estate Affidavit You can use a Small Estate Affidavit if the decedent died without a Will and it has been 30 days since the decedent died. Another requirement is that no other person must have applied for appointment as personal representative of the estate. The probate estate should not have a value of more than $75,000 (exempt property not included). In addition, the estate’s total non-exempt assets must exceed the total known debts of the estate (debts secured by homestead and exempt property are not included). Exempt property includes the homestead used by the surviving spouse and children of the decedent. It also includes up to $100,000 ($50,000 for a single adult) worth of property  that is used by the surviving spouse, minor children, incapacitated adult children, and unmarried children still living at home. Examples of exempt property include a limited amount of jewellery, clothes, and home furnishings.  Visit Austin, Texas Probate Attorney Other Requirements Even if the estate qualifies for a Small Estate Affidavit, the affidavit must have a detailed list of all the decedent’s property including the community property. The person filing must also include a list of all the debts owed by the estate including the debt owed to the lawyer that prepared the affidavit.  Other things that should be included in the affidavit are: Statement clarifying whether or not the decedent received Medicaid A list of the decedent’s marital history and a breakdown of how much of the estate each heir is entitled to All surviving heirs must swear to the affidavit in front of a notary public Two disinterested witnesses or witnesses that are not beneficiaries of the estate must swear to the affidavit The affidavit must be filed in a county with jurisdiction under the Texas Estates Code Find Probate Lawyers Nearby Law Firm on The State Bar Of Texas Probate Lawyers On Facebook Lawyers on Yelp Probate Attorneys Blog Feed Creating A Living Trust To Avoid Probate You can help your heirs or beneficiaries avoid the probate process by making a living trust.  You can make a living trust for bank accounts, real estate, vehicles and virtually any real estate you own. All you need to do is create a trust document and then name someone to take over as trustee after your death. After you transfer all ownership of your property to yourself as trustee of the trust, the property will be controlled by the terms of the trust. The successor trustee will then distribute your

Can An Adopted Child Inherit From Biological Parents In Texas

Can An Adopted Child Inherit From Biological Parents In Texas

Adopted Child Inheritance Law The law makes it clear that an adopted child can inherit from and through the child’s natural parent or parents. Even in a situation where the parent child relationship is terminated, the child still has the right to inherit from or through the natural parent(s) unless a court prevents the child from inheriting. But since adoption records are sealed by law in Texas, it is difficult for adopted children to obtain the identity of their natural parents. That means they can only benefit from their inheritance rights if they can determine the identity of their birth parent or parents. What If The Natural Parents Have Testamentary Wills? Since adoptive or natural parents are not required to leave any property to their children, the child cannot claim a right to inheritance if the parent does not include them in their Will. All the assets and property in the Will can only go to the beneficiaries that have been listed in the Will. But if the natural parents or parent died without a Will, then the adoptive child has a right to inherit. So to avoid such a situation, you need to talk to an experienced estate planning lawyer to help you.  Get In Touch With Hailey-Petty Law Firm, PLLC When There Is No Will If a person dies without a Will, their children will inherit the “intestate” share of the estate.  That means that the decedent’s property will be divided according to state laws. The probate court will appoint an administrator whose duties will include compiling any assets of the deceased, and identifying all the legal heirs of the deceased. Legal heirs include surviving spouses, children, parents, and even siblings.  Disputes arise when a biological child that was adopted by another family shows up.  Since every child has the right to inherit from biological parents, the child that was adopted by another family will also be added to the list of beneficiaries by the administrator. However, the child will have to prove that they are indeed the biological child of the deceased. Most adopted children hire experienced probate lawyers to help them file documents that establish their inheritance rights. Find Estate Planning Lawyers Nearby Law Firm on Justia Estate Planning Lawyers On Twitter Lawyers On Yelp Drafting A Will In Texas Drafting a Will is all about protecting your family and your property. You can also use a Will to leave property to people or organizations, or name a guardian to take care of your children. The following are some of the requirements for making a formal attested Will: The Will must be in writing You must name an executor to manage your estate in the Will You must sign your Will in front of two witnesses Two witnesses must sign your Will in front of you Formal attested Wills are usually typed and often have a self-proving affidavit attached.  A self-proving affidavit makes it easier to prove a Will. Without the self-proving affidavit the witnesses

Residuary Clause Example

Residuary Clause Example

Residuary Clause In Will If you want all of your worldly possessions transferred to your spouse upon your death and then to your children when both you and your spouse have died, a residuary clause may help you achieve your goals. A residuary clause is important in most situations because it helps dispose of the property that have not been disposed of by other provisions. You need an experienced estate planning attorney to advise you on adding a residuary clause to your Will. Residue And Residuary Clause “Residue” is a legal term that stands for everything that is left of the estate after payment of funeral fees, taxes, debts, executor’s fees, other estate administration expenses, and after all specific gifts and bequests have been made and all claims of the estate are satisfied. The residuary clause identifies the person or persons that will inherit any residue.  In most situations, the residue of a testator’s estate passes to their spouse in case no specific gifts have been made in the Will. The following is an example of a residuary clause: “I will, devise, bequeath and give all the rest and remainder of my property and estate of every kind and character, including, but not limited to, real and personal property in which I may have an interest at the date of my death and which is not otherwise effectively disposed of, to …”  Call Hailey-Petty Law Firm, PLLC How People Use A Residuary Clause A residuary clause can prove useful in a situation where a beneficiary who was supposed to inherit part of the testator’s property as recorded in the testator’s Will, dies before the testator.  You need to specify at least one residuary beneficiary in a situation where the original beneficiary dies before the testator. Another situation where a residuary clause could prove useful is when a testator acquires new property after drafting a Will. That property will pass to residuary beneficiaries after the testator dies. Find Estate Planning Lawyer Nearby Law Firm On Google Estate Planning Lawyers On Facebook Lawyers On AVVO Problems With Wills That Only Have Specific Gifts The problem with Wills that only include specific gifts is that they often leave out property the testator acquires after the Will is signed. Another thing is that they do offer any alternative beneficiary in a situation where a beneficiary dies before the testator. Non-probate assets can also end up reverting to the probate estate if no beneficiary is identified on the insurance policy. What this means is that your property may end up in the hands of people you may have omitted from your Will. Naming Beneficiaries And Inheritors In Your Will You need to decide how the assets will be distributed if you have multiple beneficiaries in your Will. Some testators distribute assets equally among beneficiaries while others choose the unequal method of distribution. You can also distribute by stipulating that a certain asset should pass to a certain individual after your death. Another common method