In Texas, the probate process involves the management of an estate after the owner dies. The estate owner assigns an administrator to follow the explicit instructions found in the owner’s will. The individual carries out the final wishes of the estate owner as directed under Texas state laws. A probate attorney in Waxahachie, TX explains the process and options that could help estate owners.
What Are the Exact Functions Carried Out by the Administrator?
The administrator identifies all assets owned by the estate owner and collects them as stipulated by the law. All debts associated with the estate are paid according to the plan created by the estate owner. A life insurance policy or savings account is often used to provide funds to pay the debts. Finally, the administrator distributes assets to beneficiaries as outlined in the will.
Types of Probate
• Dependent Administration: A dependent administration requires the court’s approval before the administrator takes any action. Despite the directions of the estate owner’s will, the administrator gets the court’s approval before cashing in life insurance policies or distributing any funds outside of the estate. All actions, even if they were approved by the court, require a receipt from the administrator. The court requires a full accounting of all transactions linked to the estate and its assets.
• Muniment of Title: The muniment of title is the submission of the will to the probate court. An administrator isn’t required for the process. The family submits the will to the probate court up to four years following the death of their loved one.
• Independent Administration: An independent administration gives the administrator full authority and doesn’t require the court’s involvement. The administrator pays the debts associated with the estate as directed by the estate owner. Next, the individual follows the exact directions found in the will. The court doesn’t require an itemized account on how the assets were distributed or used in any way.
In Texas, administrators gain authority over an estate according to the directions of the owner. A will is a legal document that appoints the administrator to their role. The type of probate process selected establishes additional conditions or laws that must be met and/or followed. An estate owner who needs the advice of a probate attorney in Waxahachie, TX can contact Mallios & Associates PC or visit the website today.
