Probate
The death of a loved one is not just an emotional issue, but also a legal issue as well. The estate of the deceased individual ("the decedent") must pass to others. An estate consists of all property (real and personal) that the decedent owned at the time of death. Real property consists of land, house, oil, gas and/or other mineral interests. Personal property is all other property (vehicles, household effects, stocks and bonds, bank accounts, clothing and personal items.)
Independent Administration
Whether or not a person dies with a Will, an administration of the decedent's estate (or probate) is necessary. Probate is the settlement of the decedent's estate and the State of Texas allows for an Independent Administration of a decedent's estate and consists of the following:
Nomination of an Independent Executor by the court
Itemization, collection, and valuation of a Decedent's assets
Payment of debts or claims against the estate
Payment of estate taxes (if necessary)
Distribution of remaining estate to the beneficiaries
Muniment of Title
If a person dies with a Will, all creditors have been paid, and only the probate asset of the estate is real property, then a Muniment of title may be the most cost effective way to transfer title.
Estate Planning and Probate Law Services
At Oliai Law Firm, we will listen to you and help you build a pathway to reach your goals and dreams.