Probate is the legal process of validating and executing a will. The process involves choosing an executor to carry out the terms of the will and transferring property ownership to any designated beneficiaries.Know More
State probate laws also help to determine how an estate should be distributed when the deceased person has considerable debt or has left no will. If no executor was selected and the deceased person didn't have a specified attorney, a probate court typically appoints a suitable relative to serve as administrator.
The estate's full value is determined through a detailed inventory, and the executor is expected to settle any remaining debt and tax obligations whenever possible. Since probate laws vary, property holdings spread across multiple states are handled differently based on location.Learn more about Financial Planning
To contest a will that is already in probate in Texas, file a will contest with the local court where it was admitted to probate. Will contesting can be done with or without an attorney, notes LegalZoom. Since the process can be lengthy and intricate, probate attorneys are available.Full Answer >
Whether or not a will needs to go through probate depends on the size of the estate and the state in which the estate is located. It's less about the number of assets and more about the value of the assets, when determining if a probate is needed, notes LegalZoom.Full Answer >
Probate is necessary if the deceased owned property or assets that were solely in his name without any joint owners or a designation that is payable on death, says estate expert Julie Garber on About.com. That property or asset needs to go into probate in order to transfer it out of the decedent's name.Full Answer >
Letters testamentary are obtained from the appropriate county courthouse as part of probate. The appropriate court is the court in the county in which the decedent lived when he died. They are the documents that show who has the legal authority to handle the affairs of a decedent.Full Answer >