What do I need to know about Texas probate laws?
One of the upsides to living in Texas is that the state's probate laws can actually make the process simpler due to what's known as the "independent administration" of personal estates. The independent administration of estates allows many Texas executors to work out the estate with very little court supervision. It can also be much quicker and cheaper for the executor when compared to dependent administration. So what's the difference between the two?
Independent Administration of Estates
Independent Administration differs from dependent administration in a few somewhat subtle ways. For starters, the executor does not have to post a bond, which is essentially an insurance policy that protects the estate against losses caused by the executor's careless or dishonest acts. The executor also does not have to ask permission from the court before taking several steps to settle the estate, such as paying debts, setting aside family allowances, selling estate property, and distributing assets to those who are entitled to them in the estate. The executor of an independent administration is also entitled to a fee, known as a commission, of five percent of all money that the estate receives and pays out.
Dependent Administration of Estates
While less common, executors can request the process of dependent administration, which essentially requires a higher level of supervision from the courts during the probate process. This means that the court must not only be notified when steps to settle the estate are taken, but the court also needs to approve of them before they are carried out. This process is typically used when there is a contested estate and the beneficiaries cannot agree on what should happen with the estate.
Don't Wait. Put my experience on your side today.
At the end of the day, dealing with estate matters can be extremely difficult when you're also mourning the loss of a loved one. Having an experienced probate attorney working for you can not only help simplify the process, but it can also allow you to rest easy knowing that all estate details are being handled quickly and professionally. If you or someone you know is facing a difficult probate process, call K.E. Bradley Attorney and Counselor at Law today.