Tuesday, January 4, 2011

What to do if there isn't a Will?

If there is no will, then the property goes to the decedent's heirs. Although a will makes things cheaper, lack of a will doesn't mean a probate nightmare. Read about the options below.

AVOID DEPENDENT ADMINISTRATION
Your loved one didn't leave a will, but they did leave things to be cleaned up? What can you do? Hopefully, you can avoid the only probate option in Texas that necessarily involves high attorney fees: a full dependent administration. Dependent administration involves the Court appointing a person to take the assets of the estate, liquidate them, pay the debts, and distribute the assets to the heirs. The administrator must get Court approval for virtually every decision they make, so there is little chance of abuse, but the cost is high. Dependent administration is the probate option everyone fears, but it is easily avoided.

IS THERE JUST A HOUSE TO SELL?
The main reason that some probate administration is usually necessary is that the decedent owned a home or other real estate. A simple procedure called a Declaration of Heirship can solve your problems. Learn more about the Declaration of Heirship..

DO ALL OF THE HEIRS GET ALONG?
If so, the heirs can select one or more of them to serve as an "independent administrator" and dramatically reduce the costs of administration. Read the details about Independent Administration.

HOW ABOUT MUNIMENT OF TITLE?
This is a procedure where the will is filed to evidence who inherited a piece of property. Although a simple procedure, there must be a will. If there is no will, this simply isn't an option.

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