Probate money refers to financial assets held in probate court during estate settlement procedures. Probate is the legal process used to settle estates that are not protected by a trust. Personal property, financial portfolios, and inheritance gifts cannot be distributed to heirs until the probate process is completed.
In some cases, probate money refers to funds acquired through the sale of probated assets. This can encompass the sale of real estate, automobiles, and other valuable items such as jewelry or artwork. It can also include cash held in decedents’ bank accounts and life insurance proceeds.
Specific protocol must be followed when selling inheritance assets. Although personal belongings and property owned by decedents can be sold during the probate process, most states require estate executors to obtain court approval before commencing with the sale. Individuals charged with the task of settling probate estates should obtain legal counsel to ensure settlement procedures abide by state probate law.
About the author: Deciding to obtain probate money in exchange for inheritance property is an important decision. California real estate investor and probate liquidator, Simon Volkov offers a complete estate planning article library, along with tips and resources for liquidating inheritance assets held in probate at www.SimonVolkov.com
Probate is a process used by the courts to carry out the will of someone who has died, see that assets are distributed fairly among any beneficiaries, and pay any outstanding debts that the person that passed away might have left.
If the loved one passed away in Texas, many heirs need clarification on whether they should acquire the aid of a probate attorney during probate because they are not familiar with the procedures. Under the Texas state laws, a will can be probated without an attorney. However, it is important to note that the probate process is extremely complex and will need a considerable amount of time and expertise in probate law. Because of this, many people decide to obtain the services of a well informed and well trained Texas probate attorney.
The advantages of using a Texas Probate Attorney
Heirs that are looking to probate a will in Texas are advised to contemplate hiring an attorney. Some of the advantages of obtaining the help of a Houston probate attorney include the following:
* Your attorney can be present at all of the necessary appearances in court to converse with the judge about the estate
* The attorney will file all necessary probate applications to the court, which includes: the application to probate a will, orders needed to admit the will to probate, the inventory, appraisement and list of claims, and additionally, the application to set up an allowance for relatives
* An attorney will make a list and have appraised all estate assets so that the correct value is established
* Prepare and send out notices to the creditors of the estate, this will also include placing the notice in a few newspapers for public reference
* If needed, an attorney will make arguments to the court
* And much more.
If you decided to enter into a Texas probate without hiring a probate attorney, you would have to commit to all of these tasks, in addition to maintaining any current commitments in your life.
Deciding to Probate a Will Without an Attorney in Texas
If an estate is relatively simple to deal with and if you have a clear awareness of the forms needed, with limited guidance, you could attempt to deal with the probate without an attorney. However, for complicated estates, you will more than likely need to get legal assistance. If you choose not to hire a professional to guide you through the probate process, you could be held personally liable for any of your mistakes during the proceedings.
Some of the issues that may arise include:
* When guardians must be appointed to minors when they are left property
* Complications with tax
* When taxes are left unpaid by the deceased
* The will may include wording that is ambiguous or unclear
* And problems with people claiming unpaid debts on the deceased.
A skilled probate attorney can give you a positive probate process. The heirs of an estate can expect to receive their allotted share when the wishes of the deceased are carried out as they were intended. The help of a a probate attorney streamlines the probate process.
Divorce mediation is a very viable alternative for getting a divorce.
There are some areas of discussion that are very common during the process of reaching a divorce settlement agreement.
1. Custody.
Care of the children is your most important concern. If custody is shared, what are the terms? If it is not, what is the visitation schedule for the non-custodial parent? Don’t forget holidays and summer vacations.
2. Housing.
Who will retain the family home? Will the martial home be sold and equity split equally? Or will one party keep the house and buy the other out? (In my own divorce I kept the family home. I waived alimony payments in exchange for equity in my home. Alimony is taxable but the equity in your home is not, so keep this option in mind)
3. Alimony and child support.
How much will go to whom?
4. Tuition.
Who will pay for school tuition? Will he pay for private or public universities? Might issues regarding paying for tuition become an issue later? Don’t rely on oral promises, ”Of course I will pay for college!” is often said at mediation but not committed to writing. Unfortunately, in most jurisdictions, once a child is 18, there is nothing the Court can do to force a parent to pay for college.
5. Division of stocks, bonds and other investments.
What is the proper division/liquidation of stocks, bonds, bank accounts, and other holdings and investments? What about the 401K plans, retirement funds, and life insurance? How will this be divided? A minimum amount of life insurance should be a provision of every divorce settlement, without exception.
6. Marital debt.
Who borrowed what? Who charged what?
7. Determination of incomes.
Who made more money? Who contributed what, and what are the values of those contributions?
8. Wills.
Will you have wills drawn naming the children as the beneficiaries?
9. Health insurance.
How will health insurance be addressed?
If you are going into mediation, remember that every aspect of your financial life with your spouse has to be closely scrutinized. These will be weighed in terms of your lifestyle and your standards of living, both together and apart. You will need to itemize all household expenses, household contents, properties, bank accounts, retirement plans, vehicles, furniture, and other items of value. Make sure you take into account all childcare costs, including daycare, religious education, sports, and other after-school activities and lessons. Consider the cost of birthday parties attended, lunch money, school dues, clothing, and camp. If your children are young, adjust for expenses as they grow, and include those projections in your plan.
It’s best for you and your spouse to gather all of this information beforehand; doing this together can be useful. If you find yourselves disagreeing on something, set it aside. Agree to bring up all disputes only when you are with the mediator. If you can do this, then mediation might be the route for you. If you have problems with your spouse while gathering information, it may be a sign of bad times ahead.
