How to Avoid Probate Court
Participating in a Texas Probate court can be a long, drawn-out process. The proceedings can become contested when transferring a deceased person’s personal assets to a family member. Having the right estate plan that does account for beneficiaries avoids probate court proceedings. Thus, it is wise to have Vermillion Law Firm LLC as they have experience in estate planning.
Texas Probate Laws
The Texas probate court will legally recognize a person’s death. The executor will file for probate if the deceased person has drafted an estate plan. Four years after the grantor’s death is the usual completion period of the entire process.
The state’s probate laws will oversee the gathering of a deceased person’s assets and the payment of all outstanding debts from the declared amount. Once the personal affairs get cleared, the estate assets get distributed to all beneficiaries according to the deceased person’s wishes.
The court’s role is to facilitate the process taking place without delay. The completion of the distribution of the assets is six months from the probate court ruling.
Some personal assets do not need to go through the probate law process. Beneficiaries can collect a deceased person’s life insurance policy and retirement benefits account without delay. Usually, local officials will need the required paperwork to settle this legal issue.
How to Avoid Probate Court
The legal term “probate” means a transfer of title. The elders of a family have the resources to transfer property ownership without needing a probate court ruling.
There are two kinds of property: personal and real. Personal property is a moveable item; cars, furniture, jewelry, clothes, and bank accounts fall under this category. Real property is immovable; land, homes, and commercial or residential buildings fall under this category.
Placing your accounts as a living trust has become a popular way to avoid probate court. The process begins by forming a trust that names a successor upon death. Your next move is transferring property ownership to yourself as a trustee. At the time of your death, the successor trustee will be able to transfer assets to beneficiaries without the assistance of the Texas probate court.
If a real estate property owner wants to give the land to a family member upon their death, all needed is to file paperwork with local authorities to complete the transaction.
Under Texas Probate Law, property owners can prepare a transfer on death deed (TODD) that proclaims a family member or friend as the caretaker of the land. The deed change is not official until the filing of paperwork with the county office nearest to the land. All of this needs completion before the grantor’s death.
Exemption in Avoiding Probate Court
There are exempts associated with an estate plan that avoids Texas probate court proceedings. Under the Texas Estate Code, an estate can skip legal court hearings if the assets have a value of or under $75,000. If the property meets these criteria, the beneficiaries can file an affidavit with the courts and collect the item 30 days after the grantor’s death.
How an Attorney Can Help
Navigating through a Texas probate court hearing can be confusing at times. After a family member has passed away, you may be unsure of your legal rights and obligations during the process. It is smart to seek guidance from a probate lawyer Dallas. They have the experience of preparing for a probate court appearance.
Probate attorney Dallas TX can review the estate plan and determine if you need to go through the probate court process. Their legal knowledge can determine if the personal assets are eligible to have an exemption from the legal proceedings.
Also, an attorney can assist with inventorying the assets and reviewing the deceased party’s legal debts and liabilities. As the estate’s caretaker, they can work with creditors and close the account with a payment. If necessary, a probate attorney can complete all the paperwork to execute an estate plan.
When a loved one has died in Texas, their estate plan must go through probate court before distributing the assets to the beneficiaries. However, the wording of certain estate plans accounts for beneficiaries and avoids probate court proceedings.
If you need assistance in learning more about Texas probate court, contact the Vermillion Law Firm LLC. Our staff can help with understanding the probate court process. Call us for an appointment today!