How to Handle the Probate Process in McAllen TX?

When a person dies, beneficiaries can receive their share through a defined will, living testament or the probate process. In Texas, the probate process is different from the rest of the America because you can request an “independent or dependent” process.  I will explain these terms in the later paragraphs.

For an independent case, the executor handles all transactions and beneficiaries get their share of the inheritance. Residents of Texas can also request a dependent probate process. The court will act as the supervisor. You will need to pay the court fees and you must follow the orders issued by the local court.

So, what is a probate?

Probate is a legal process that dissolves the estate of a deceased person among his beneficiaries.

When is Probate Not Applicable?

The probate process is not always necessary. In fact, in many cases, you can pay out the heirs without court supervision or an independent probate process. These situations include, but are not limited to:

• Presence of a living testament
• Property held as joint ownership with the right of survivorship
• Money gained from the life insurance

If an estate is controlled by a living testament, then no state can force the probate process. In the second option, when two spouses are holding the estate/property as joint owners, the surviving spouse automatically inherits the property without involving the formal probate process.

Life insurance proceeds are also excluded from the list of probate assets. Please contact us or a probate attorney to know more about probate & non-probate assets.

Who is an Executor?

When your loved one leaves a will, they will also name an executor/guardian who will manage their estate. The court appoints an executor if no valid will is presented.

If you want to initiate an independent probate, then you can choose your own executor. However, family members must agree with that decision. The administrator gets 5% of all the managing transactions i.e. bills and debts paid and received.

How to Handle the Formal Probate Process in McAllen Texas?

Dissolving an estate is simple if it does not involve real estate. You can use the money from retirement accounts, saving accounts and bonds; and distribute them among the heirs. However, selling real estate in probate is tricky.

Sometimes, family members want to keep the house while other members want to sell it. Issues can become complicated so it is best to consult a probate attorney in this case. Furthermore, all beneficiaries must agree on a single selling price. You must hire a reliable agent and proceed with the sale.

Selling Real Estate in Probate

The official sales process begins with an appraisal. The court or the independent executor orders an independent appraisal. This appraisal must reflect the “Fair Market Value” of your home and in most cases, it is the minimum price for the real estate.

1. You will need to hire a probate agent to market and sell the property. (The probate process is slightly different for foreclosure & short sale homes. Please contact us here to know the details.)
2. The court or your executor will define a date to sell the home. The administrator will publish an advertisement indicating the sale of your probate property. Usually, family members, the executor and interested buyers gather on the specified date and the highest bidder wins the home.
3. Since it is a probate sale, buyers must pay cash or full deposit upon the day of the sale. Furthermore, each interested buyer who submits an offer must also send a 10% refundable deposit with the offer.
4. The executor pays debt and estate taxes from the money gained from the sale. The rest is usually paid to beneficiaries.
5. The file is closed.

About the Company:

Habitat Developers LLC is a residential redevelopment company. We buy, rehab, and sell properties throughout the McAllen TX and associated areas. Our firm pays cash and we close quickly within 10 days. If you want to sell an inherited property, contact us now and we will be in touch shortly.