Probate and estate administration is the process by which the assets of a deceased person are collected and inventoried, debts are evaluated and paid, and your loved one’s final affairs are put in order.
From our offices in Southlake, Texas, the probate and estate administration lawyers at Schultz and Kellar help people throughout the Dallas-Fort Worth metroplex sort through the sometimes complicated process of administering the estate of a deceased loved one.
If you have been named as the Estate Executor in the Last Will and Testament of a loved one, you may be feeling overwhelmed, especially during this stressful time.
Schultz and Kellar is here to help. Our experienced probate lawyers have been handling Texas probate and estate administration since 2012.
When a person dies, an estate must be opened in the probate court of the county in which the deceased person lived. Once the estate is open, the assets and liabilities of the deceased are inventoried as property of the estate. The Estate Executor, who is named by the deceased in their Law Will and Testament, must evaluate and pay legally enforceable claims against the estate and distribute the remaining assets to the beneficiaries of the deceased. This is typically done with the assistance of an experienced Texas probate and estate administration attorney.
Probate and estate administration is the process by which the probate court supervises the collection and distribution of a deceased person’s assets, and estate taxes and other debts are paid. The court maintains oversight to prevent fraud and abuse by people looking to take advantage of the family members of someone who recently passed away.
Our probate and estate administration attorneys will assist you in opening an estate with the probate court. The probate court will issue Letters of Authority which allow the Executor of the Estate to handle the affairs of the deceased person. We also provide notice, as required by law, to all interested parties about the opening of the estate. Creditors have up to six months in which to make a claim against the estate.
If you have been named as Executor of an estate, you are not personally responsible for paying the debts of the deceased. Any debts must be paid by the estate, from estate funds.
Probate and estate administration can be a complicated and time-consuming process. While you are not responsible for the debts of a deceased person, if you are the Estate Executor and make a mistake, you can be held personally liable. Hiring an experienced Texas probate and estate administration attorney will help ensure that you do not miss any deadlines, and that you comply with relevant reporting requirements and court dates. We also help you maximize your inheritance by avoiding unnecessary estate administration expenses, not paying debts that are not legally enforceable, and minimizing estate tax liability.
In addition to estate administration, our probate and estate administration lawyers are also adept at administering a trust.
A trust allows you to distribute assets to beneficiaries without going through probate court.
While there are benefits to transferring assets through a trust, trust administration can be a complicated process and should not be attempted without the assistance of a qualified and experienced probate and estate administration attorney.
If you have questions about probate, estate administration, or trust administration in and around Dallas-Fort Worth contact the experienced probate and estate administration lawyers at Schultz and Kellar, PLLC today. We will help you navigate the probate and estate administration process, minimize estate liabilities, and maximize your inheritance.