When a person dies, his or her estate is the collection of the person’s assets at the time of death. The estate is managed by an executor, who is responsible for paying any debts and taxes owed by the deceased, as well as distributing the remaining assets according to the will. If you are the executor or administrator of an estate, you are responsible for preserving the estate’s assets until they are distributed to the beneficiaries. There are several steps you can take to preserve the estate’s assets. The key to preserving a decedent’s estate is to ensure that only the appropriate person has the ability to access assets.
Who Can Secure Property? Beneficiary Interest
After someone has died, loved ones have to figure out what to do with their belongings. This can present a number of challenges.
Texas law generally says that an interested person can act to secure or preserve property. For example, if you have a claim against the property and it is in danger of being lost, you may be able to act to protect your interest in the property. But doing so can also subject the person who does so to civil and possibly criminal liability. Where is the line between securing property and doing something that is illegal? The law is not all that clear.
It is generally recommended that items of value be documented, and precautions taken. This includes bringing witnesses with you, having police supervision during the proceedings, taking photographic evidence etc. The more information that is documented, the better.
An application for emergency intervention or a temporary probate administration may be needed to secure the decedent’s property. An emergency intervention attorney can help with this situation to secure property.
How to Secure Probate Property in Texas
Methods of securing property depend on the type of property. For real estate, contact a mortgage holder, tenant or other interested party to ensure it will be secured. It may include changing the locks as well. Cash and/or checking account can be secured by transferring them to an account owned by the estate.
There are other property that can be more difficult to secure, such as operating businesses and digital assets, such as cryptocurrencies. Cryptocurrencies are digital assets that are used to send value between accounts.
Property located outside of Texas presents unique challenges. Some of these will be addressed later in this guide, but it is worth noting that the law of another state may need to come into play. This means filing ancillary probate in the other state, which can get complicated and expensive.
When property cannot be secured, it may be necessary to consider a temporary administration. A temporary administration is a court application that is typically used only when other options have been exhausted. In this case, it’s usually a good idea to get a probate attorney involved.
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What does the estate of a deceased person mean?
The estate of a deceased person means all the assets that they own. After someone dies, there is a period in which their assets are managed by an executor or administrator and distributed to the people named in their will or living trust.
How do you preserve an estate?
The executor or administrator of an estate is responsible for preserving the estate’s assets until they are distributed to the beneficiaries. There are several steps that the executor can take to preserve those assets.
Who shares the property of the deceased?
If a person dies without leaving a will, the law of the state where he or she lived at the time of death will control the distribution of his or her property. Each state has a set of laws that govern how a person’s property must be distributed when he or she dies without a will. These laws are called “intestate succession” laws. A state’s intestate succession laws will govern the distribution of an individual’s property when he or she dies without a will.
What is probate?
The probate process is the process of settling a decedent’s estate after death. This process includes gathering the decedent’s assets, paying the decedent’s debts and taxes, and distributing the remaining assets to the beneficiaries.
What is an estate?
The value of an estate is the net value of all the property of a person who has died. The gross value of an estate is the total value of all the property of a person who has died. Appraisers use the gross estate value to determine the cost of selling everything and dividing the proceeds among those who inherit.