Probate Procedures: Essential Knowledge For Executors
Whether your loved one had a will or their property is being handled through an heirship proceeding, the executor or administrator must manage the estate. This involves inventorying the property, valuing it and disbursing it according to the will or the court’s order in an heirship proceeding.
Having a skilled probate attorney like Dan Burke to assist in the administration of the estate will make the process smoother and quicker. If you need help administering an estate, contact Dan Burke.
Legal Requirements In Texas
In Texas, the probate process must comply with specific state laws. This includes filing the will with the local probate court, notifying beneficiaries and creditors and following court procedures for inventory and appraisal of the estate. An experienced probate attorney ensures that these steps are correctly followed, avoiding potential legal issues.
Power Of Attorney vs. Executor
It’s important to understand the distinction between a power of attorney (POA) and an executor. While both roles involve handling another person’s affairs, they apply in different situations.
A power of attorney is active during a person’s lifetime and allows the designated individual to manage financial, medical or legal matters on their behalf. However, the power of attorney terminates upon the individual’s death.
On the other hand, an executor steps in after the person has passed away. Their role involves administering the estate, paying off debts and taxes and distributing assets according to the will or court orders. It’s critical to differentiate between these roles, as they serve separate purposes and require distinct legal procedures.
Responsibilities Of An Executor
An executor is responsible for handling the entire process of administering the estate. Their duties include:
- Locating all of the deceased’s assets
- Potentially having them appraised
- Ensuring that debts and taxes are paid off with estate funds
- Distributing the remainder of the estate to the beneficiaries
If the executor dies or resigns during the administration of the estate, the next or alternate executor will be asked to step in. This can complicate matters, and sound legal advice can be invaluable in these situations.
Timeline Of Estate Administration
The timeline for administering an estate can vary, but generally, it includes:
- Filing to begin probate: 1-2 months
- Notifying heirs, beneficiaries and creditors: 1-3 months
- Inventorying and appraising assets: 3-6 months
- Settling debts and taxes: 6-12 months
- Distributing assets and closing the estate: 12-18 months
By understanding this timeline, you can better prepare for each phase of the process, ensuring a smoother administration of your loved one’s estate.
Hiring A Probate Attorney
Due to the significant responsibilities placed on the administrator of the estate, it is common and encouraged to hire a probate lawyer. The cost of an attorney is typically covered by the estate, helping the executor navigate the administration process.
Hiring a probate attorney offers several benefits, including minimizing disputes by providing an impartial third party, ensuring compliance with state laws, handling complex financial matters and providing expert advice throughout the process.
Don’t try to manage the weight of estate administration alone, especially when qualified legal help is just a call away.
Dan Burke Can Help
San Antonio probate attorney Daniel Burke offers affordable flat and hourly rates for legal guidance during the administration of a loved one’s estate. Let him make this difficult time a little less stressful with clear communication and strategic legal advice. To schedule your consultation, reach out today!