In Breckenridge, Texas, probate is a legal procedure that a court must go through before giving effect to a will. Before putting a will into effect, a court has to decide that it is legitimate.
As part of this procedure, the Breckenridge, Texas probate court will decide the validity of the will, inventory the decedent's assets and debts, and then, lastly, distribute the estate according to the will, assuming it is deemed to be valid.
Wills commonly name a person as the executor of the estate. If not, the court in Breckenridge, Texas will name one. This is most often the adult individual who stands to inherit the most funds or property from the will.
The executor is the individual who initiates probate proceedings. The person who stands to inherit the most from the will is normally appointed the executor, because they will have the most motivation to help the process go as quickly as possible, so they can get their inheritance.
Duties of the Executor in Breckenridge, Texas
There are quite a few things that an executor is accountable for. At the outset, they are obligated to file the probate action with the appropriate court. No progress, let alone any final disposition of the estate, can be made until this happens.
Furthermore, it's the executor's job to notify all affected parties that the person who made the will has died. "Interested parties" are typically people who are named in the will, or who would inherit the estate if the decedent had died without a will.
If the decedent was even reasonably well-off financially, it's likely that they'll have considerable amounts of both debts and assets. The executor is tasked with formulating an accurate accounting of the debts and assets of the estate, so as much of the decedent's debts can be paid off as possible.
As the representative of the estate, the executor has to take charge of the probate process, filing the required court papers, and, if necessary, hiring an attorney for guidance. If the estate is large, and the executor stands to inherit a great deal of money once this process is fulfilled, they'll probably find it to be worth the time and expense.
How Can A Breckenridge, Texas Lawyer Help?
Because of the intricacies involved in probate, it would be smart to hire a seasoned Breckenridge, Texas probate lawyer, especially if you are the executor of an estate and unsure how to proceed.