-- A person nominated to carry out a person's last wishes must adopt an essential checklist to help properly settle an estate, leading estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, has advised.
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Garner, pinpointed several issues that a nominated executor/personal representative would have to attend to, such as the probate process to authenticate the last Will of someone who has died.
An executor first files a legal petition to open the estate probate process in the county where the person died. In Texas, this requires hiring a licensed attorney to file this for you, since the law doesn’t allow you to do it on your own.
A probate judge will review the original Will to confirm its validity, allowing all relevant parties to file any objections against the Will being probated. The original Will must be provided to the Court; copies are not acceptable unless the original can not be found. A death certificate must also be provided to the Court.
"The executor/personal representative will be tasked with locating and taking possession of all the deceased person's assets to protect them throughout the process. The Personal Representative must also notify all possible heirs and all possible creditors of the estate in compliance with the probate statute," he commented.
The Personal Representative is responsible for acting as a fact-finder in helping to find hidden assets which the deceased didn't disclose in their Will. These also include assessing any outstanding debts, reviewing bank statements, tax returns, and insurance policies to build a better financial picture of an estate.
"If there is debt, a Personal Representative needs to identify and contact the deceased person's creditors," he advised. A notice must also be published in a local newspaper to notify unknown creditors.
Garner said that having a complete financial picture will enable a Personal Representative to administer the estate's funds, settle outstanding debts, file tax returns, and provide beneficiaries with an appraisal of the assets. As you can see, this isn’t an easy process, so hiring the very best professional probate attorney is highly advised.
Depending on the jurisdiction and whether the process is an independent or dependent administration, a Personal Representative might have to file a proposed distribution with the Court and the beneficiaries to distribute the decedent's assets specified in the Will legally. "This allows the court and any beneficiary to question the estate’s assets before they are disbursed," he said.
Garner couldn’t emphasize enough the importance of the personal representatives contacting an experienced probate attorney to establish further guidance and ensure they are completing their roles properly and legally.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com
Source URL: http://RecommendedExperts.biz
Release ID: 89031071
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