15 Dec
When a family member passes, you’re often left with more questions than answers. This is especially true if the death was sudden or unexpected. After the initial shock and as you begin navigating the complex Texas legal system with no experience, it’s natural to have questions. ‘Do I need a probate lawyer?’ and ‘What is a revocable living trust in Texas?’ are just two of the many.
The more you understand about probate in Texas, the easier it can be to plan for it and make life easier for the people who would be taking care of your affairs when you pass. In this guide, you’ll learn what the probate timeline looks like, the expected costs, and how you can avoid it altogether with wills and trusts.
What Is Probate?
Probate describes the legal process that occurs when someone dies. It revolves around settling debts and ensuring appropriate property distribution. In Texas, the probate process is more straightforward than in many other states, but that doesn’t mean it’s not overwhelming for some people who are also navigating grief.
The Timeline for the Probate Process in Texas
In most cases, you must follow these steps as you navigate the probate process in Texas:
1. File an application for probate where the deceased person lived.
2. Wait for the court hearing, with the waiting period typically when people can object.
3. Receive court validation of the will, which is when a judge states the will is valid and appoints an executor.
4. As the executor, collect assets, notify creditors, and manage debts.
5. Upon paying debts and performing the final accounting, the executor distributes the remaining assets to heirs.
For a simple estate, the probate process typically takes 6-9 months. In a moderate estate, the timeline is approximately 9-12 months. If an estate is more complicated, it’s not uncommon for the probate process to extend beyond a year.
In most cases, delays are due to contested debts, family disputes, and incomplete paperwork. So, if you’re asking, ‘Do I need a probate lawyer?’ the answer is yes. It will undoubtedly streamline the process.
Probate Costs in Texas
Being informed of all the costs associated with the probate process in Texas enables you to plan for them. Don’t be afraid to discuss expected costs with a trusted probate lawyer, as they can vary based on estate value and complexity. What’s more, there are often multiple expenses:
- Attorney fees, which can sometimes be based on estate value
- Court costs, with filing fees varying by state and county
- Compensation for the executor, which is often paid from the estate or waived altogether
- Litigation expenses
- Appraisals
- Accounting
How to Avoid Probate
If you’ve just been through the probate process with a deceased family member, you may have decided that you’d prefer to avoid subjecting your loved ones to the same process upon your passing. The good news is that there are multiple alternatives to probate in Texas, and you may be eligible to explore them.
Revocable living trust
A revocable living trust helps your loved ones avoid the time-consuming process of a court-supervised probate. Wondering what is a revocable living trust in Texas? It’s a flexible estate-planning tool you can create during your lifetime to maintain ownership of your assets.
Rather than owning your assets yourself, you manage them as a trustee. You can amend or revoke it at any time, and it becomes irrevocable upon your death or incapacity.
Three parties are involved in a revocable living trust in Texas: the grantor (you, the creator), the trustee (you, who manages it), and a beneficiary (you or your family, who receives the assets).
The main goal of a revocable living trust is to manage your assets during your lifetime, provide for management if you become incapacitated, and distribute them to beneficiaries upon your death.
There are many benefits associated with a revocable living trust, including:
- Avoids probate, saving time and money
- Maintain privacy as trusts are private documents, whereas wills are public record
- You have full control over buying, selling, and spending your assets while you’re alive
Joint tenancy with right of survivorship
When you naturally want your assets to go to someone else upon your passing, talk to your estate planning lawyer about joint tenancy with right of survivorship. This means multiple people own an asset, and when one owner dies, the surviving owner(s) automatically inherit the deceased owner’s share without going through probate.
Life insurance and retirement accounts
There is typically no need for probate if your assets are held in life insurance policies and retirement accounts. These typically pass directly to the named beneficiaries. Therefore, keeping your beneficiaries up to date is important.
Small estate affidavit
If an estate is valued at $75,000 or less, the complexities and time-consuming nature of the probate process can seem unnecessary. In that case, talk to your estate planning lawyer about a small estate affidavit.
A Texas small estate affidavit is a simplified procedure for transferring the assets of a deceased person when the estate is valued at less than $75,000. However, there are many key requirements for this probate alternative:
- The total value of assets is less than $75,000
- The person died without a will
- No one applied for or was appointed a personal representative for the estate
- The assets exceed known liabilities
- All heirs and non-inheriting witnesses must sign the form under oath
Navigating Probate in Texas? Call Livens & Reed
Do you need a helping hand navigating the probate process in Texas? Are you planning your estate and want to avoid probate for your loved ones? Call Livens & Reed Attorneys at Law. Our experienced probate & estate administration attorneys are here to guide you every step of the way.
We can offer advice, provide probate, estate, and trust administration services, and represent heirs or estates in probate litigation. Contact us today for a no-obligation consultation.