Probate
Probate Attorney Services
Dealing with the death of a loved one can be a difficult and emotional time, especially when it comes to navigating the complex probate process. If you need to hire a probate attorney, you want someone who can guide you through the process and provide you with the support and counsel you need to settle your loved one’s estate.
Price & Price probate attorneys offer step-by-step counsel and support during estate administration. We understand the intricacies of the probate process, including the legal requirements and procedures, and can help you navigate the process with confidence. With our help, you can settle your loved one’s estate and honor their wishes while avoiding unnecessary delays, expenses, and disputes.
AREAS OF EXPERTISE
Common Probate Terms
Probate administration is the legal process of gathering a deceased person’s assets, settling their debts, resolving any legal disputes that may arise after their death, filing the final tax return, and distributing their assets. It involves probate of the deceased person’s will if there is one, and the Court’s appointment of an executor or administrator to manage the estate.
During the probate process, the executor or administrator will identify and inventory the deceased person’s assets, pay off any outstanding debts, and distribute the remaining assets to the beneficiaries named in the will or according to the laws of the descent and distribution of the state of Texas if there is no will. Where the decedent’s will appoints an “independent” executor, or where the heirs agree on an independent administration, the executor acts independently of court control. Otherwise, the probate court oversees the probate process.
Trust administration is the process of managing and distributing the assets held in a trust according to the terms of the trust agreement. A trust is a legal arrangement in which a trustee holds and manages assets on behalf of a beneficiary or beneficiaries.
The trustee has a fiduciary duty to manage the assets in the trust in the best interests of the beneficiaries and to distribute the assets according to the terms of the trust. Trust administration involves identifying and inventorying the assets in the trust, managing and investing the assets as needed, and distributing the assets to the beneficiaries according to the terms of the trust.
The process of trust administration can vary depending on the type of trust and the terms of the trust agreement. Some trusts are designed to be fully distributed after a certain period of time, while others are designed to provide ongoing support for the beneficiaries. Trust administration can also involve tax planning and compliance, as well as resolving any disputes or legal issues that may arise.
Tax planning in probate court involves minimizing the tax liability of the estate by structuring distributions to beneficiaries in a tax-efficient manner and taking advantage of available deductions, credits, and basis adjustments. We ensure that the estate is administered in a way that maximizes the value of the assets for the beneficiaries.
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Probate Questions
- What is probate, and what does a probate service entail?
A simplified definition of probate is (1) accumulation of a decedent’s assets; (2) payment of liabilities; and (3) distribution of the remaining assets to the decedent’s heirs or, in the case of a will to those named in decedent’s will.
In other words, probate is a legal process in which the court determines the validity of a decedent’s will and appoints a personal representative who gathers the decedent’s assets, pays their bills, then distributes the estate. Legal counsel will file the requisite court documents to admit the will to probate or seek to have the court determine the decedent’s heirs. They will counsel the legal representative through estate administration and distribution to protect and safeguard their client.
- Who typically needs probate services, and when should they seek them?
Anyone who is the executor of a deceased person’s estate, who has been named as a beneficiary in a decedent’s will, or who is an heir of a decedent who dies without a will needs a probate attorney. We recommend seeking these services as soon as possible after the person’s death to ensure that their estate is protected, preserved, properly managed, and ultimately distributed according to their wishes.
- What are the benefits of hiring a probate attorney?
Experienced Price & Price lawyers will simplify the probate process, thereby reducing stress, and ensuring that the estate is properly administered and distributed. In Montgomery County, it is required by the court that the estate representative has legal counsel.
We will advise you of your options, then draft and file the court documents required to secure your appointment. Our experienced staff will guide you through the administration process quickly and efficiently, thereby minimizing disputes and assuring maximum estate distributions.
LET’S TALK ABOUT YOUR CASE
If you’re facing a legal issue or seeking legal advice, don’t hesitate to contact Price and Price attorneys. Our experienced and knowledgeable team is here to assist you every step of the way. We promise to help you achieve the best possible outcome for your situation.