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Fortunately, your estate plan can let you bypass probate in Texas with these five common tools: Revocable Living Trusts. A revocable living trust is a legal entity you create to hold and manage ...
Texas allows the heir of a person who has died without a will to avoid probate by using a summary administration process with a small estate affidavit. A small estate affidavit can allow an heir ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
Until 2013, Texas had no laughing heir statute, instead allowing estates to pass to the nearest lineal ancestors or descendants "without end". [2] Texas passed such a law (HB 2912) in 2013, and thereafter following the Uniform Probate Code .
Negative aspects of using a living trust as opposed to a will and probate include upfront legal expenses, the expense of trust administration, and a lack of certain safeguards. The cost of the trust may be 1% of the estate per year versus the one-time probate cost of 1 to 4% for probate, which applies whether or not there is a drafted will ...
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While the probate process is governed by state law, each county may have different procedures and customs. [3] An ancillary administrator is the personal representative who handles the property in the other state under ancillary administration. [2] Most major court systems will have forms and checklists for ancillary administrators to use. [4]
For example, an estate plan may include a healthcare proxy, durable power of attorney, and living will. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys often advise clients to also create a living will, which is a form of an advance directive. Specific final arrangements, such as ...