How to Probate an Estate

June 18, 2018 2:04 PM Tyler Edmondson

How to Probate an Estate

Probate can be a very complicated process that is hard to understand. So, we will attempt to explain how to probate an estate. Essentially someone who has died can no longer own property. Because of this, the property must be transferred from the deceased owner to a beneficiary that is still living. This takes place under the close supervision of a probate court. The probate court can also oversee the payment of debts that were left behind by the deceased. Certain laws must be followed whenever the court is involved. These rules or laws can vary somewhat from state to state, but some steps are common no matter the location.

Steps to Follow

The first step in the estate settlement process is to confirm whether or not the deceased left a Will. You should first look for the Will within the estate, and if one is not found, you must speak with the deceased’s attorneys. If a Will can be located, then you must open the estate with the court. This can be accomplished by taking the Will to the probate court clerk and filing it. The person that is named as the executor in the Will is the one who usually takes responsibility for this. At this point, the court will more than likely schedule a short hearing officially appointing the named executor of the estate and providing him or her with a Letter of Testamentary. Once the executors then officially proclaimed by the court their first job is to inventory the deceased’s documents and assets. This includes a thorough review of all of the deceased’s personal papers and bank account statements. It is through this process that the true value of this estate can be ascertained. After the value of the estate has been determined, the executor will value the descendant’s assets, then pay the deceased’s income taxes and estate taxes, pay the deceased final bills and estate expenses, then distribute the balance to the estate beneficiaries.

Estate Planning Attorney in Murphy, Texas

The probate process can seem very daunting and complicated. Any time you’re dealing with a legal situation, perhaps it is best to have someone who is very comfortable in this situation to take the reins to ensure that your interest is met. If you have recently lost a loved one and are facing Probate Court, then perhaps the best approach would be to hire a trained Estate Planning attorney. Edmondson Law, PLLC has years of experience in Estate Planning and understands the probate court process very thoroughly. So, if you’re facing probate court then let the team at Edmondson Law assist you in this long and difficult process.

Information, Not Legal Advice. We provide the information on this website as a public service. The legal landscape is constantly changing and being modified by state law and case law. As a result, we cannot promise that this information is always up-to-date and reflective of the most current jurisprudence.

We do not intend this information to be legal advice. By providing this information, we are not acting as your lawyer. If you need legal advice, you should contact a lawyer through our number (972) 442-8326 or contact another attorney of your choosing.

View (205 Views)

Has Your Mother or Father Passed On Without a Will in Place?

June 11, 2018 3:43 PM Tyler Edmondson

Has Your Mother or Father Passed On Without a Will in Place?

Has your mother and father died without leaving the final Will and Testament? If they have, it is a very common problem. The issue is that this could potentially be a very big headache for you. A final Will and Testament clearly define who the heirs are, and who is entitled to what. But if there is no final Will and Testament then it will be left up to the state to determine who the heirs are. Any time the state gets involved, it’s going to be very complicated. First off, the state does not know the family history; the state also doesn’t understand the family dynamics of your individual situation nor do they care. To make sure that your interests are protected you’re going to have to go through a special set of proceedings.

The Heirship Proceeding

The special proceedings you’re going to have to go through are called the heirship proceedings. Essentially the heirship proceedings are court proceedings that are utilized to determine who the proper heir to an estate is. These proceedings are conducted whenever the owner of an estate has died and has not left a Will to declare who the heir is. So let’s say you have spent the last several years taking care of your parents. Now that your parents have passed, your siblings, who have been absent, have now appeared and are wanting an unfair portion of the estate. This is very unfair to you. But the problem is that the court has no idea. You’ll have to present a legal argument that will compel the court to see the truth. This is a complicated and intimidating endeavor.

Estate Planning Attorney in Wylie, Texas

If you have found yourself in this type of situation, then you can’t settle on any law firm. You need to team up with the law firm that specializes in Estate Planning and understands Texas state law as far as estate distribution is concerned. That is why Edmondson Law, PLLC should be your first choice. Edmonson has years of experience in Texas Estate Law and will be able to help you to build a compelling case and ensure that you are not cheated out of what is rightfully yours. So if you’re facing an heirship proceeding then don’t delay and give Edmonson Law a call today.

View (219 Views)

What Is a Trust?

June 4, 2018 2:26 PM Tyler Edmondson

What Is a Trust?

A Trust is something that many people have heard of before but perhaps don’t really know or understand what it is. The first thing to realize about a Trust is that it is a legal agreement between three different parties. The first is the Trust maker, which is the individual who creates the Trust agreement. The second is the trustee, which is the person who is responsible for managing the property or the funds. The third is the beneficiary or beneficiaries, who are the people that receive the benefits of the property or assets of the Trust. So, in short, you have the Trust maker who transfers ownership of assets to the Trust and the trustee. The trustee then manages these assets for the benefit of the beneficiaries in the Trust.

Types of Trust

No matter what type of Trust it is, they are all either revocable or irrevocable trust. This means that the beneficiary of the Trust can have their privileges revoked if it’s a Revocable Trust or they cannot be revoked if it’s in your Revocable Trust. But no matter what type of Trust, whether revocable in your revocable, there are several Trusts that can be tailored for a specific purpose. For example, the Special Needs Trust is set up to provide for a disabled or handicapped beneficiary that won’t compromise his or her entitlement to supplemental security income or government benefits. The Spendthrift Trust actually gives the trustee the power to determine how and when distributions can be made to the beneficiaries in a Trust; this is really a good Trust for those who are not financially responsible. These are just a couple; there are several other Trusts as well.

Estate Planning Attorney in Wylie, Texas

A Trust is a precious asset when planning your estate. A Trust is a tool that should be utilized and not disregarded. Unfortunately, many people do not take advantage of the trust because they see the whole process as being too overwhelming. It’s for that reason that we advise you speak with an attorney that specializes in Estate Planning and can make the entire process of establishing a Trust relatively painless and easy. So, if you are ready to set up a Trust, then please don’t delay and give our offices a call today.

View (243 Views)