A Dallas probate attorney can help you manage an estate that comes with substantial debt. Creditors are given a specified period of time to file claims against the estate, and if they are valid, must be paid out of the estate funds before the assets can be distributed. A Dallas contested probate lawyer can review creditors’ claims to ensure that they are being handled properly. Learn more :baxterthompsonlaw.com

The Probate Process

The first step in the probate process is filing an application with a Texas court to open probate proceedings. This is typically accompanied by the deceased person’s will and the appointment of a representative. A hearing notice is then sent to creditors and beneficiaries, giving them the opportunity to object to or accept the petition.

Once the petition has been accepted, an inventory of the estate’s assets is taken and appraised. This includes stocks, bonds, housing property and more. Once the values have been determined, any outstanding debts are settled and any taxes due are paid. Then, the court will confirm the will, appoint an executor and resolve any disputes among heirs. Finally, the final approval closes the estate and distributes assets to beneficiaries.

While probate can be a long and drawn-out process, it’s important to understand the process in order to avoid potential challenges. With proper planning, assets can be distributed outside of probate. Assets held in joint tenancy, with designated beneficiaries, or through payable-on-death accounts can bypass the probate process altogether.