What is Probate Accounting in Houston, TX?
Consult with a Houston lawyer to learn more about Probate Accounting in Texas!
The pain felt when losing someone you love is unlike any other. Ask anyone about the most painful moment in their life and the answer you’ll most likely get is the death of a loved one. Unfortunately, there are some administrative responsibilities you must fulfill while in the process of grieving. Apart from funeral and burial arrangements, the deceased person might have real estate and other assets that need to be managed. Distributing the properties left behind and knowledge on what is probate accounting in Houston TX will require legal help. If measures weren’t made to avoid it, a deceased individual’s estate typically goes through probate – and part of the probate process is accounting for all transactions done. To make sure this part gets carried out properly, you will need the assistance of a Houston probate attorney from Chargois Harper. Give our law office a call immediately to schedule a consultation with a skilled lawyer!What is Probate Accounting?
In the United States, Probate is a legal procedure that occurs once somebody dies that involves proving the validity of the deceased person’s will, identifying all their assets and appraising the property, paying all existing debts, and distributing all remaining property according to the will or state law. Probate accounting, on the other hand, is the process of managing and accounting for the assets, debts, income, and expenses of a deceased person’s estate during the probate process. The purpose of knowing what is probate accounting Houston TX is to ensure that all of the deceased person’s assets are accounted for and properly distributed according to their will or the laws of intestacy. Additionally, probate accounting may also involve filing tax returns on behalf of the estate and obtaining court approval for the accounting process. To have a clearer idea of what is probate accounting Houston TX, consult with an experienced Texas estate planning attorney right away!What are the Types of Probate in Texas?
When requesting for probate in the state of Texas, you may encounter multiple kinds of probate and estate proceedings. These include:Formal probate
Formal proceedings are possibly required if the deceased individual’s estate is worth less than $75,000 when excluding certain types of exempt property. This applies whether or not the deceased person has written a will.Muniment of title
Sometimes called a probate shortcut, this process provides an easier and cheaper way to transfer estate assets. It is most useful when there is a valid will, there are no unsecured debts unpaid, and Medicaid has no claim against the estate to recover benefits given to the deceased.Small estate affidavit
In certain situations, people who inherit property don’t need to appear before probate court or use a muniment of title. They can simply prepare a sworn statement to collect what’s theirs.Small estate process
A simplified process can be done if the value of the property doesn’t go beyond what is needed to shoulder the family allowance and pay some creditors. The will’s executor should then do an accounting for transparency before the court approves and closes the estate. To get a better idea of how knowing what is probate accounting Houston TX can benefit you during any type of Texas probate, reach out to a knowledgeable Houston attorney immediately!What Assets Must Go Through Probate?
More commonly known as probate estate, properties that are required to undergo probate include:- Property that was solely under the deceased individual’s name such as real estate and cars
- A share of a property owned as a ‘tenant in common with somebody else
What Assets May Not Go Through Probate?
In most cases, several assets in an estate do not need to undergo probate proceedings – particularly when the deceased individual was married and mostly owned conjugal property. Another situation where probate is not necessary is when the decedent filed paperwork to avoid probate. Below are some types of assets that don’t need to go through probate:- Retirement accounts for which there is a named beneficiary
- Life insurance claims
- Property held in a living trust
- Funds in a payable-on-death (POD) bank account
- Securities registered in transfer-on-death (TOD) form
- United States savings bonds registered in payable-on-death form
- Co-owned United States savings bonds
- Pension plan distributions
- Vehicles that will be given to immediate family members under state law
- Household items that will be given to immediate family members under state law
Why Do I Need a Houston, TX probate accounting lawyer?
If you have suspicions that the administration of your loved one’s estate is being mismanaged, getting an experienced probate accounting lawyer involved should immediately help right the ship. You’ll also have someone to take necessary legal action to protect the assets in the estate. When you choose to partner with Chargois Harper, we’ll make sure that the attorney working on your case:- Is committed to fighting for everyone’s rights
- Genuinely cares for every client and works hard to give each one a fresh start
- Dedicates time to participate in all kinds of community service activities
- Has several years of related experience in several practice areas
- Has the zeal and enthusiasm to advocate for every client
Call our Houston, TX Probate Accounting Lawyer Now!
Losing someone you love is not only heartbreaking but also causes so much stress to the bereaved. The task of learning about probate, which forms need to be filled out, and how to account for everything can be daunting for a family that’s still grieving. With the guidance of our Houston probate accounting attorney, we’ll make things easier for you and do our best to simplify the process. Whether you’re looking to find out what is probate accounting Houston TX, avoid probate, seek guardianship, modify an estate plan, or create a will, a seasoned Houston probate lawyer from Chargois Harper is highly capable of guiding you as you make huge decisions for you or a loved one. So if you’re looking for a seasoned Texas estate planning attorney who can handle issues with your estate, call our law firm today! Our law office also provides legal advice on these issues:- Divorce
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