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Senior Real Estate Specialist®
According to NAR, by 2030, one in every five Americans will be over age 65, and SRES ® REALTORS ® are equipped to address the special needs family and seniors face when selling the family homestead.
In El Paso, Texas CONTACT YVONNE RUSSELL, SRES
Welcome to the Texas probate process, which involves several steps to settle an estate. This guide will provide an overview of each step.
Step 1: Filing the Application
When initiating the probate process, the first step is to file an application with the Texas probate court. This application includes necessary documents such as the original will (if applicable), death certificate, and an inventory of the decedent's assets.
Step 2: Appointment of Executor or Administrator
Once the application is filed, the court will appoint an executor named in the will. If there is no will or executor named, the court will appoint an administrator. The executor or administrator is responsible for managing the estate throughout the probate process.
Step 3: Notice to Creditors and Beneficiaries
After the appointment, the executor or administrator must provide notice to creditors of the estate, allowing them to make claims for any debts owed. Additionally, beneficiaries named in the will and heirs at law must be notified about the probate proceedings.
Step 4: Inventory and Appraisal of Assets
The executor or administrator is responsible to provide a list of personal assets called an inventory. The executor must further appraise the deceased person's estate in 90 days of the hearing. He/she must notify beneficiaries of the will, post a notice to creditors, file the decedent's last federal tax return and settle the estate including selling the decident's real properties. Yvonne Russell, is an experienced real estate agent who has assisted many executors and family members sell estate homes.
Step 5: Payment of Debts and Taxes
This part of the process is to resolve disputes including disputes with creditors, claims on the estate like mechanics liens, and otherwise settle claims against the estate. This duty may include settling disputes arrising from disagreements over the valuatio of assets and contesting a creditors' claim on the estate. The executor is considered a fiduciary which means the executor is the person who holds a legal and ethical duty to act with the hightest loyalty and fidelity. He/she takes care of the money or assets for the decident. An attorney should be consulted to represent the estate or third party interest.
Step 6:Distribution of Assets
Once debts and disputes are settled, the remaining assets are distributed to beneficiaries. Some assets pass directly to the beneficiary such as life insurance, IRA's, retirment accounts, transfer on death and a number of other assets.
Step 7:Final Accounting and Closing the Estate
In Texas the most common method to close and estate is to file a Notice of Closing Estate. The executor affirms that he/she has discharged all duties and all known debts have been paid or settled.