Probate simply means the legal process in which your estate’s assets are collected, taxes and debts are paid, and beneficiaries receive their share of the estate. It is important to understand this process to ensure an efficient and cost effective transfer of probate and non-probate property. Whether a person dies with or without a will, probate may be necessary to settle estate issues such as:
- Property left without a will (intestate)
- Tax consequences
- Business succession planning
- Beneficiary designation
- Heirship proceeding
- Transferring of title
- Non-qualified employee benefit and life insurance plans
- Validity of a power of attorney and medical directive
When a person dies and leaves an estate, frequently some persons must manage the estate. An executor or administrator acts as a fiduciary to the beneficiaries of the estate, with a duty to act in their best interest. Estate administration refers to the process of collecting, managing, and distributing property of an estate after a death has occurred. One of the most vital jobs performed by an executor or administrator is inventorying the assets and debts of the estate, notifying and paying creditors, and dispersing remaining property to estate beneficiaries.
Get answers to questions you have about estate administration and probate, by contacting a lawyer of the Law Offices of Mary Ann Beaty, P.C.. We represent people throughout in the Dallas-Ft. Worth Metroplex and throughout North Texas.