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Protecting Your Legacy

Obtaining values, handling debt are financial aspects of probate

| Jan 7, 2019 | Probate & Estate Administration |

When a person is named executor of a Texas estate, that individual generally wants to make sure that he or she does a good job with closing the estate. While this desire is important, it is also wise to make sure that the proper steps are taken to avoid mistakes during the process. After all, probate proceedings take a considerable amount of work.

Once the proper paperwork has been filed with the court and the process opened, the executor will need to obtain valuations of the deceased’s assets. Typically, the inventory of assets and their valuations need to be filed with the court within 30 to 90 days after the probate proceedings were opened with the court. Some assets may need to be appraised by professionals in order to determine their value.

The executor will also have the task of paying the final bills of the deceased and the estate expenses. Final bills will be paid in full after confirming they are legitimate. The executor will also need to address any expenses that will need paying throughout the probate process, such as utilities, mortgage payments, legal fees and others. At this time, the executor will need to decide whether any assets need to be sold in order to obtain funds to cover expenses and taxes.

Many steps are involved in the probate process, and they are not always easy to complete. Texas executors will need to know how and when to take some of those steps and whether they may need outside assistance in completing them. When it comes to assistance, it is wise to enlist the help of experienced attorneys throughout the proceedings. Legal professionals can help executors complete their necessary tasks in order and in accordance with state law and also advise on when to consult with other professionals, like appraisers.