Understand the probate law in Texas
If you’re dealing with either the loss of a loved one or the impending loss of a loved one, you’ve probably heard the word “probate” tossed around. If you don’t know what probate is, don’t worry. You’re not alone. We’re here to help you understand the probate law in Texas.
Simply put, probate is the official proof of a will. The process, however, can feel overwhelming and anything but simple. Luckily for you, Texas probate is notably simpler than other states. This is because of something called the “independent administration” of estates. This process allows many Texas executors to handle estates with little court supervision.
Probate law in Texas
First, it’s important to know that probate isn’t always necessary in Texas. Those circumstances include, but are not limited to: community property with the right of survivorship, the property is held as joint tenancy with right of survivorship, payable-on-death bank accounts, life insurance proceeds, and survivor’s benefits from an annuity.
There are different kinds of Texas Probates
There are different types of probate in Texas along with different types of estate proceedings. It’s smart to brush up on the types of estate proceedings you might encounter in the state of Texas.
Formal Probate in Texas. These are typically required if the estate (i.e., the amount of property of the deceased person left behind) is less than $75,000 – not including certain types of exempt property. Formal probate is required in this case whether the person had a will or not. This can be done either through independent estate administration or regular estate (or dependent) estate administration.
Muniment of Title. When there’s a will, muniment of title is a simple and relatively inexpensive way to transfer estate assets. You can opt for muniment of title when there is a valid will, there aren’t any unpaid debts (except for secured real estate debt), and Medicaid has no claim against the estate in order to recover benefits received by the person who is deceased.
Small Estate Affidavits. You can prepare a simple affidavit (which is a sworn statement) to collect the property in the case that there is no will and the total value of the estate is $75,000 or less. This amount excludes certain types of property. In these cases, it’s unnecessary to open a probate court proceeding or use a muniment of title.
Small Estate Procedures. If the value of the property does not exceed what’s needed to pay the family allowance (which is the amount paid to a surviving spouse, minor children, and adult incapacitated children), then Texas executors can use a simplified small estate process.
What is the Texas probate law and process?
The steps required in a formal probate process in Texas are typically:
You’ll have to file an application. This admits the will and begins the probate process. Be prepared to submit a copy of the will at this time.
It’s required that you show your authority to act as the executor or personal representative. To do this, you’ll petition the court for “letters” or letters of testamentary.
Notify beneficiaries named in the will and notify any creditors.
At this point, you’ll collect the assets of the estate and pay off any debts.
Then, you’ll distribute the remaining assets.
Be mindful that a typical probate proceeding in Texas can take anywhere from 9-12 months.