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Probate & Estate Administration
Probate
Probate by definition is the legal process of proving a will in a court of law.
The term Probate has come to mean the legal process required to handle the final financial affairs of a deceased person which includes collecting assets, paying final debts, and then distributing any remaining assets based on either the terms of a will or the laws of the state of Texas.
Testate Probate Also Known As Probate Of A Will
When a person dies leaving a will, they are said to have died testate. In order for the will to be effective, it must be proved in a court of law before a judge so that the terms of the will can be carried out. Wills must be probated within four (4) years of the date of death of the decedent. The process includes getting the named executor officially appointed by the court to handle the duties of the estate as the personal representative. Once a will is admitted to probate, the executor can then receive letters testamentary so that they can act on behalf of the deceased person.
Estate Administration
Estate administration is what happens once a personal representative has been appointed by a court of law to represent the estate of a deceased person. This can either be an executor under a will or an administrator when a person passes without a will.
The personal representative (executive or administrator) is responsible for collecting all the assets of the estate. This can include real estate, money in bank accounts, investments, ownership interests in a business, as well as money owed to the estate.
The personal representative is then responsible for paying the outstanding debts owed by the estate. In some cases, there may not be any debts.
Once the assets have been collected and the debts have been paid, the personal representative is responsible for distributing the remaining assets according to the terms of the will or according to the heirship order signed by the judge.
If you need to probate a will or administer an estate, it is best to always consult with an experienced probate attorney FIRST. Understanding any specific legal matter requires a consultation with a licensed and experienced probate attorney. To schedule a consultation to discuss your Probate or Estate Administration matter with Attorney Steven K. Schwartz II, give us a call or fill out the contact form below.