Texas Probate Types
This is the most common type of administration. Most wills in Texas are written with a named Executor/ Executrix, and direct the named to pursue independent administration because it is quicker and less expensive. This gives the named executor the ability to settle the estate without having to ask the Court for permission. i.e. paying debts, selling property, distributing assets, etc. This also allows the estate the exemption of posting a bond, which is an insurance policy that will protect the estate against losses made carelessly by the executor.
This type of administration gives the Court greater authority over the executor or the administrator.
Muniment of Title
This is a common way for an estate to transfer assets when a will DOES exist, The estate has no unpaid debts, and there are no claims against the estate.
Small Estate Affidavit
If the total value of an estate is less than $75,000 and there is no will, and all other obligations are met, then a person may be able to file a small estate affidavit to collect any property.
So What Doesn’t Need Texas Probate?
Life insurance policies – These usually have a beneficiary listed on the policy and do not apply to the estate in a probate case.
Annuities that list a survivors benefit.
Bank Accounts that list beneficiaries.
Community Property with rights of survivorship.
Proudly Representing Clients in a Broad Range of Legal Matters!
Copyright Mayfield Law Office 2019 – All Rights Reserved