Probate is required when the decedent (person who has died) dies without a will (know as dying intestate). In this instance, the Texas Probate Code dictates who the heirs are and the amount they will inherit.
Probate may not be required when the decedent died with a will (known as dying testate). The assets pass to the beneficiaries in the will as named. Probate may be required if the will is contested or if at the time of death the decedent owned property that is subject to probate. Most property is subject to probate unless an effort was made with the title to the property to avoid probate.
Property Owned as - Sole Ownership, Tenancy in Common, or Community Property is subject to the probate process.
Property owned as - Joint Tenancy with Survivorship or Tenancy by the Entireties pass as owned.
The above information is in no way legal or financial advice and should be used only as a reference to help understand the probate process and how it relates to Real Estate. If you are in need of legal or financial advice about probate I encourage you to seek a licensed lawyer or accountant who specializes in probate.
Other Real Estate and Probate Information Real Estate Probate Information
Free tool for determining the value of your home? What is my Homes Value?
Free information, How to Sell your home? Listing and Marketing Guide
Have a question? Reply to this post or contact me here Contact me Here
PSA (Pricing Strategy Advisor), CPRES (Certified Probate Real Estate Specialist)
Texas Real Estate Commission Information About Brokerage Services
Texas Real Estate Commission Consumer Protection Notice
No comments :
Post a Comment