An Overview Of Probate Law In Texas
In This Article, You Will Discover:
- How to avoid probate court.
- What you need to locate probate assets.
- When to be concerned about your asset value.
- And more…
Will Life Insurance And Retirement Accounts With Beneficiary Designations Pass Directly To Beneficiaries, Avoiding Probate?
It is almost always possible to avoid probate and pass life insurance and retirement accounts directly to beneficiaries. During estate planning, we prioritize and ensure that beneficiary designations are completed on everything possible, such as bank accounts.
In Texas, beneficiaries can even be added to houses and cars. What’s more, banks and other entities are prone to losing beneficiary designations, so getting copies and storing them alongside your will is crucial.
How Does A Personal Representative Locate The Probate Assets?
The best way to locate the probate assets is to work with an experienced attorney. Of course, there are specific routes to find probate assets, such as acquiring copies of tax returns and similar documentation after being appointed by the court. But while various search methods exist, there’s also always that unknown asset that is not found out about until years down the road but with an experienced attorney searching for such asset it should turn up during the initial portion of the probate.
Working with an experienced estate planning attorney minimizes the unknown as they complete diligent searches for clients on a periodical basis.
When Something’s Going Through Probate, Do You Need To Be Concerned About The Value?
When something is going through probate, you may donate it to charity or liquidate it if an asset has lost value since you purchased it. On the other hand, you want to hold onto the assets that have seriously increased in value so that you do not have to pay the capital gains taxes on them, and your heirs can then take it at the new valuation.
If your potential estate is worth a significant amount, connecting with a tax planning attorney can be beneficial.
Do Personal Representatives Have To Obtain Values Of The Non-Probate Assets?
In some circumstances, personal representatives must obtain values of non-probate assets. When it comes to the tax situation, this can contribute to the estate valuation.
As far as the Texas court is concerned, the inventory only has to include Texas assets that are part of the estate, specifically under the probate.
With the guidance of a skilled attorney for Probate Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy.