Dallas, Texas: Probate Lawyers

Frequently Asked Questions

What is an executor?

An executor is the legal personal representative approved by the court, responsible for locating and overseeing all assets and settling the final debts of the deceased. As part of estate administration, they must estimate the estate's value using property values at the date of death or through appraisals for real estate or heirlooms. If the estate has adequate assets, the executor must settle all taxes and debts owed by the deceased. In case of intestacy, an administrator will be appointed, and the estate will be distributed to the decedent’s heirs according to state laws.

What assets are excluded from probate?

Several assets can avoid probate entirely by directly transferring to designated beneficiaries. These assets include pension plans, life insurance proceeds, 401k plans, health or medical savings accounts, and individual retirement accounts (IRAs), each following their specific beneficiary designations. Additionally, jointly owned property with the right of survivorship or assets held in a trust bypass probate and transfer directly to the surviving joint owner or trust beneficiaries. Other examples of assets skipping probate are:

• Beneficiary-Named Assets: Assets designated with a named beneficiary, like life insurance policies, bypass probate proceedings.
• Jointly Owned Property With Right of Survivorship: Property jointly owned with the right of survivorship transfers directly to the surviving co-owner, avoiding probate. This includes joint checking accounts, among others.
• POD and TOD Assets: Payable on Death (POD) or Transferable on Death (TOD) assets, such as vehicles, real estate, bank accounts, stocks, and retirement accounts, typically transfer to named beneficiaries without probate involvement.
• Living Trust Funded During Life: A living trust that's fully funded during the individual's lifetime is owned by the trust itself, not the deceased, allowing assets to pass to named beneficiaries outside of probate

What assets are include in probate?

Keep in mind that not all property owned by the deceased is subject to probate. For example:

• Life Insurance: Life insurance proceeds are instantly transferred to the designated beneficiary.
• Jointly Owned Property: Titles to jointly owned property with the right of survivorship automatically transfer to the surviving co-owner. There may be potential tax obligations.
• Bank Accounts: Bank accounts with a "pay on death" designation pass directly to the named beneficiary.
• TODs: Transfer on Death (TOD) provisions are applicable to securities, titled vehicles, and real estate.

Can you avoid probate when a person dies?

Whether there's a will or not, probate is mandatory in Texas. According to the Texas Probate Code, assets of the deceased must be distributed as per legal requirements, either outlined in a will or determined by state intestacy laws if there's no will. Contrary to a common misconception, probate is not optional.

How long does the probate process usually take?

The length of time to complete the probate process will vary based on its complexity and whether the will undergoes court examination or contest. Typically, probate can range from a few months to several years, but a typical probate will take around 8-12 months to complete.

Wilson Whitaker Rynell assists clients throughout Dallas and the rest of Texas who need probate, wills and estate planning legal services. We help clients in Dallas, Plano, Allen, Lewisville, Flower Mound, Irving, Denton, McKinney, North Richland Hills, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.