Seguin Estate Planning Law Blog

Many Texas residents undoubtedly know that going through the probate process can be difficult on surviving family. Individuals may have had to carry out the proceedings for their own loved ones and know firsthand how long the process can take. As a result, they may want to do what they can to simplify the probate process by estate planning.

Fortunately, people can use many planning tools to keep certain assets out of probate, which could help assets pass directly to designated individuals. For instance, parties can create payable-on-death or transfer-on-death designations for some accounts. This allows a beneficiary to be named and for the assets in the account to pass directly to the beneficiary after the account holder's death. As a result, the assets do not need probating.

Technological advances affect Texas residents and those elsewhere in various ways. In fact, many people put a considerable amount of their lives online, and as a result, they create a number of digital assets. However, because these assets are not as tangible as physical assets, they may not always remember to account for them while estate planning.

Even if online assets do not have a considerable amount of monetary value, they may still be important to surviving loved ones. Online photo albums, emails and social media posts could all fall into the category of digital assets, and many family members want the ability to look through those assets after a loved one's death. However, if they are password protected, difficult to find and have not been addressed in an estate plan, family members may be at a loss.

Settling the Texas estate of a recently deceased person is not an easy task. The executor of a will has the obligation of making sure that all the necessary steps are taken to close the estate correctly and of handling the individual's final affairs. Even when cases are straightforward, they can take time and effort. In some cases, disputes could take place that make the situation even more difficult.

Due to the difficult nature of the job, most executors are entitled to some kind of compensation for their efforts. The amount of compensation, also known as a fee, can depend on many factors, including whether the deceased indicated a fee amount or specific bequest in the will or if state laws are dictating the amount. Typically, the amount is considered reasonable for the executor's efforts and may relate to a percentage of the estate or percentage of the transactions made by the executor.

Before a person can close a loved one's Texas estate, the probate process needs to begin. The executor of a will needs to take the appropriate steps to get the legal proceedings underway so that the estate's final affairs can be settled. However, beginning the process takes many steps itself.

First, the will needs to be located and given to the executor, if one was named. The executor then needs to list the beneficiaries named in the will and their contact information. The executor will need to inform the beneficiaries of the person's death and inform them that they are in line to receive property from the estate. If a beneficiary has passed away, the executor needs to obtain the person's death certificate.