Today, this tip is being reposted by request of clients and friends!
We’ve received many calls from people wanting to change their Will over to a Trust.
The sole reason mentioned: to “Avoid Probate”.
May we challenge the thinking on this and help bring understanding?
Probate is not something to be avoided. Rather, it can be a great thing which provides stability and order in the midst of a time of possible family disorder and fights.
Probate: it is the process where the Court legally authorizes the management and distribution of a deceased individual’s estate (their assets). The Point: to get the assets transferred from the deceased’s estate to their heirs, pursuant to the terms of their Will.
Steps: Here are the Probate steps in Texas (these have simplified for purposes of clarity and assumes you have a Will in place):
- File Application: The person named as Personal Representative (Executor) of the Estate files an Application for Probate (attaching the original Will) in the county court where the deceased lived. They have 4 years to do this.
- Post Notice: A public notice will be posted about the Application filing. This is typically done in a county newspaper.
- Short Hearing: A short hearing in Court will be held where the Court will admit the Will into probate and officially appoint the Executor to handle the estate. This provides the Executor the authority to complete the estate wrap-up.
- Notify Beneficiaries: Beneficiaries of the Will are notified of the death and appointment.
- Notify Creditors: Creditors will be notifed and given a chance to file a claim.
- Inventory: The Executor gathers information and files an inventory with the Court. There is a 90-day deadline to complete the inventory.
- Debts Paid: Debts and taxes will be paid from estate funds.
- Assets Distributed: Assets will be distributed to the beneficiaries.
- Close Estate: Estate will be closed.