Probate in Texas is the legal process of managing a deceased person’s assets and debts. The probate process can sometimes be complex and involve significant time investment.
Managing an estate through probate is according to the terms of a will. In situations where the deceased passes away with no will, the probate process proceeds according to Texas state law.
An executor is responsible for overseeing the probate process. An executor is a person selected by the deceased and named in the will. If no executor is named in the will, the court appoints an executor.
Probate involves various documents, fees and court proceedings. There are different types of probate. Each type of probate has its own requirements and rules. If you are appointed as an executor, it is important to know the type of probate that applies to your situation.
Formal probate
Formal probate is a common type of probate. Formal probate requires court involvement throughout the process. A probate court oversees each step of the probate process.
For example, in formal probate, the court must approve the distribution of assets before they can be distributed to heirs. Court proceedings are also necessary if disputes arise between heirs or creditors.
Formal probate is often necessary when the estate has a significant number of assets or involves complex legal issues.
The executor has several responsibilities during the formal probate process. They must file a formal probate petition with the court and provide notice to all heirs and creditors. Over the course of the probate process, they must file regular reports with the court and receive court approval before distributing any assets.
Informal probate
Informal probate is typically used for simple estates with little assets. Informal probate is also called uncontested probate. As the name implies, informal probate is used when there are not expected to be any disputes or estate contests.
Court intervention is not required for informal probate. The executor must still file a probate petition and give notice to creditors and beneficiaries.
There is a waiting period involved after notice is given. The waiting period allows creditors or beneficiaries to dispute anything about how the estate will be probated.
If there are any objections filed, the estate may need to be modified to become formal probate. If no objections are filed, the executor can distribute the assets without any court intervention.
Supervised and unsupervised probate
Supervised probate requires a court to approval every action taken by the executor. The court appoints a personal representative to oversee the process. Supervised probate is usually required when there are major legal issues involved or conflicts between beneficiaries.
Unsupervised probate is more common than supervised probate. The executor has more control and the court does not scrutinize their actions if they are complying with the legal requirements and deadlines.
Probate serves an extremely important role. It ensures that assets and debts are accurately identified and distributed to the proper heirs.
Although the process can be cumbersome at times, the purpose is to carry out the wishes of the deceased and make sure assets are distributed fairly and according to their wishes. Many executors choose to work with an estate planning professional to ensure the process goes smoothly and efficiently.