Tuesday, July 06, 2010 Texas Probate and Privacy Do Not Go Together!
We hear a lot about probate, and most people know that this is something to be avoided, but most people cannot clearly define why. Basically, probate is the process by which legal title of property is transferred from someone who dies to their heirs, or beneficiaries. The process is this:
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The executor of the will has to prove it is valid.
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The judge will hear any objections to the will.
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The executor will provide a list of all the property, debts and taxes owed by the deceased and all of the beneficiaries named in the will.
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The beneficiaries and any creditors will be notified.
The length of the probate process in Texas depends upon the size of the estate and how long it takes to settle up any debts and taxes, but typically it lasts from three months to one year.
The cost of probate in Texas depends on several things such as whether or not there was a will, the size of the estate, and whether or not the will is contested.
It is important to know that when a will is filed for probate, it is a public document and anyone can get a copy of it. This means that anyone can walk into the County Clerk’s office and see who your beneficiaries are (and aren’t!), a complete list of your probate assets and the debts that you owed.
If you value your privacy, you should consider establishing a living trust. Living trusts are not subject to probate proceedings and are not a matter of public record. When the living trust is done right and managed properly, there is no court supervision required whatsoever. In other words, your estate remains private.
In the end, the decision about whether or not you can avoid probate should be made after consulting with an estate planning attorney. This is why I offer a limited number of Lifetime Legacy Planning Sessions each month at no charge. My passion is helping families put a plan in place that meets the needs of their particular situations. I can only offer 10 free sessions per month, so call our office today. |