After losing a loved one, many heirs have a genuine need to claim as many of the assets as possible as quickly as possible. Thus, they always want to know whether all the assets must go through probate, and what they can do to speed the process along.
Probate may be avoided for some assets but is unavoidable for others. It may also be possible to simplify the probate process in some cases, speeding it along and helping you gain control of your assets faster.
Probate Assets
Probate assets are those which pass to a Decedent’s distributees through the probate process. This typically includes assets that do not have a beneficiary established for that asset. The following assets typically go through the probate process in Texas:
- Real estate.
- Money in non-exempt bank accounts.
- Vehicles.
- Physical possessions that carry value, such as antiques, art, or jewelry.
Non Probate Assets
The following assets do not typically go through probate:
- Money and property kept in a trust, which goes directly to the beneficiary.
- Money held in transfer-on-death accounts, which are set up to allow the bank to transfer the money to a specific person upon the account owner’s death.
- Jointly-owned real estate, which gives the other owner the right of survivorship.
When can heirs speed up probate?
There are certain methods which allow heirs to speed up the probate process under certain circumstances.
One such method is a Muniment of Title. You may use Muniment of Title when the deceased has a valid will, when there are no unpaid debts other than those secured by real estate, and when Medicaid has no claim against the estate. By proving the validity of the will during the Muniment of Title process, the courts will allow property to pass directly to the beneficiaries of the will. The Muniment of Title process is much quicker because there is no formal administration of the estate.
If the estate is valued at less than $75,000 and the decedent did not have a will, you may be able to use a Small Estate Affidavit (“SEA”) to simplify the transfer of assets. An SEA requires you to meet a number of requirements before it may be used, but may be appropriate in your situation if the estate is solvent, if the estate is worth less than $75,000 in assets, if the homestead is the only real property belonging to the estate, and it will pass to heirs who homesteaded with the Decedent.
Get Help Today
Probate can be a confusing, mind-boggling process. Don’t try to handle probate alone. We are Houston’s probate experts, and we’re here to help you save time and money on the probate process.
