Estate Laws in Texas
- Probate court is used to ensure the accuracy of a will.gavel image by Cora Reed from Fotolia.com
Estate planning law is a state and federal issue. States determine individually the property rights for the decedent, should there be no will or trust in place. The federal legislators enact taxes on estates and trusts as a means of preventing inherited wealth accumulation over the long term. - According to Texas Probate Code Section 128A, "representatives are required to give notice to beneficiaries within 60 days after a will is probated." This means that anyone specified in the will or trust must receive written notice of their inclusion in the estate within 60 days of the court's approval. If desired, a representative may send requests to the beneficiaries via private means and offer them the option of signing a waiver of notice to save the expenses associated with notice procedures.
- Probate is the court process that all estates totaling more than $50,000 must go through before the assets may be dispersed. During this process the court will verify the legitimacy of the will, determine the executor and allocate emergency funds to any immediate family. At the end of this proceeding, the executor will take an oath agreeing to distribute the assets honestly and in accordance with the law and the wishes of the decedent.
- A trust is a contractually created entity into which assets can be placed. In Texas, trusts can be created during life or in the decedent's will. If the trust is created and activated during the life of the decedent, then the family is able to avoid probate entirely. Trusts created in the decedent's will must go through probate for approval.
Beneficiary Notice
Probate Proceedings
Trusts
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