Probate In Texas
Probate in Texas is simpler than in other states. A will must be submitted for probate within four years from the decedent's passing.
How long does probate take in Texas?
The will can be admitted in as short as two weeks. The overall process generally takes up to six months.
The process includes:
- Admitting the will to the court
- Naming an independent executor
- Completing and filing an Inventory, Appraisement and List of Claims within ninety days of appointment of independent executor
- Presenting Letters Testamentary to those holding the decedent's assets
- Repaying creditors for the decedent's debts
- Paying applicable federal estate taxes
- Distributing the estate to beneficiaries
Probate is not mandatory in Texas. Probate helps transition the estate smoothly and limit the liability for parties involves. Financial institutions may not release assets until an order from a probate court to protect their liability.
Are Subject To Probate
These assets include:
- Assets listing beneficiaries (such as life insurance, retirement accounts, bank accounts with payable upon death, and annuities).
- Assets held in a living trust
- Assets held in joint tenancy with right of survivorship (which could have tax consequences for the survivor - consult an tax or legal professional)
Court costs are typically a few hundred dollars. An appraisal of the estate, legal and accounting fees can add to the overall cost of the process.
Consult an attorney for legal advice on dealing with a current probate or to discuss a potential need for planning to avoid probate.
