When a person passes away in Texas, their estate must go through a probate process in order for their assets to be distributed to their beneficiaries. As part of this process, an inventory of the decedent’s assets must be created and filed with the court. This inventory is an important document that lists all of the assets that the decedent owned at the time of their death, and it will be used to determine how the assets of the estate will be distributed.
Gathering Information
The first step in creating an inventory of a Texas decedent’s estate is to gather all of the relevant information about the decedent’s assets. This includes information about any real property, such as houses or land, as well as any personal property, such as cars, furniture, or jewelry. It is also important to gather information about any financial assets the decedent may have had, such as bank accounts, stocks, or bonds.
Debts and Liabilities
Next, the inventory should list all of the decedent’s debts and liabilities. This includes any mortgages, loans, or credit card balances that the decedent may have had at the time of their death. It is important to include all of the decedent’s debts, as they will need to be paid off before any assets can be distributed to beneficiaries.
Life Insurance and Retirement Accounts
It is also important to include any life insurance policies the decedent may have had, as well as any retirement accounts or pensions. These assets will be distributed directly to the beneficiaries named on the policies or accounts, and will not be included in the probate process.
Organizing and Filing the Inventory
Once all of the information has been gathered, the inventory should be organized in a clear and concise manner, and presented to the court for approval. The inventory should be as detailed as possible, and should include the value of each asset at the time of the decedent’s death.
Additional Probate Documents
In addition to the inventory, the executor or personal representative of the estate will also need to file a number of other documents with the court, including a petition for probate, a will (if there is one), and a list of the decedent’s heirs.
Seeking Legal Assistance
It is important to note that the probate process in Texas can be complex, and it is recommended that you seek the advice of an attorney to ensure that the inventory and other documents are properly prepared and filed with the court.
Conclusion
In conclusion, an inventory of a Texas decedent’s estate is an important document that lists all of the assets that the decedent owned at the time of their death. It is important that the inventory is as detailed as possible and include information about all assets, debts, liabilities, life insurance policies and retirement accounts. It is also important to seek the advice of an attorney to ensure that the inventory and other probate documents are properly prepared and filed with the court.
Do you need to hire an Experienced Probate Attorney to help?
If you are the executor or administrator of a Texas estate, you may be wondering whether you need to hire an experienced probate attorney to help with the inventory and other aspects of the estate. The answer depends on a number of factors, including the size and complexity of the estate, your level of experience with handling such matters, and whether there is any dispute among the heirs or beneficiaries.
If the estate is relatively small and simple, and you feel confident in your ability to handle the paperwork and other requirements, then you may not need to hire an attorney. However, if the estate is large or complex, or if there are disagreements among the heirs or beneficiaries, it is generally advisable to seek legal assistance. An experienced probate attorney can help ensure that the inventory is properly prepared and filed, and can represent your interests in court if necessary.
Call us today for a FREE attorney consultation at (281) 219-9090.
Related questions
What does inventory mean in an estate?
In the context of an estate, an inventory is a detailed list of all the assets and property that a deceased person (decedent) owned at the time of their death. This list is created as part of the probate process, which is the legal process of distributing a deceased person’s assets and property to their beneficiaries.
The inventory typically includes a description of the asset, its value, and any relevant information such as location, serial numbers, etc. It includes all kinds of assets, such as real estate, personal property, bank accounts, stocks, bonds, life insurance policies, retirement accounts, and any other assets that the decedent owned. It also includes any outstanding debts and liabilities of the decedent that must be paid off before any assets can be distributed to beneficiaries.
The inventory serves as a record of the decedent’s assets and is used to determine how the assets of the estate will be distributed, it is also used by the court to ensure that all the assets are accounted for and to confirm the authenticity of the will if the decedent has one.
Is inventory required for Texas probate?
Yes, an inventory is required for probate in Texas. Under Texas law, the personal representative (also known as the executor) of an estate is required to file an inventory of the decedent’s assets with the probate court within 90 days of being appointed.
The inventory must include a detailed list of all the assets that the decedent owned at the time of their death, including a description of the asset, its value, and any relevant information such as location, serial numbers, etc. It should also list all of the decedent’s debts and liabilities, such as mortgages, loans, and credit card balances.
The inventory serves as a record of the decedent’s assets and is used to determine how the assets of the estate will be distributed and to ensure that all the assets are accounted for. The court will use the inventory to confirm that all assets have been identified and valued correctly before proceeding with the distribution of the assets to the heirs or beneficiaries.
How long do you have to file the inventory in a Texas probate?
In Texas, the personal representative (also known as the executor) of an estate is required to file an inventory of the decedent’s assets with the probate court within 90 days of being appointed.
The Texas Estates Code states that the personal representative must file the inventory “not later than the 90th day after the date on which the personal representative qualifies.” This means that the personal representative has 90 days from the date they are appointed by the court to file the inventory.
What assets are not considered part of an estate?
There are certain assets that are not considered part of an estate and therefore are not included in the inventory or probate process. These assets include:
- Jointly-owned property: Property that is owned by the decedent and another person with rights of survivorship, such as joint tenants with right of survivorship or tenants by the entirety, will pass directly to the surviving co-owner(s) and will not be included in the probate process.
- Payable-on-death (POD) accounts: Bank accounts, brokerage accounts, and other financial accounts that have a payable-on-death (POD) or transfer-on-death (TOD) designation will pass directly to the designated beneficiary and will not be included in the probate process.
- Trust assets: Property that is held in a trust will not be considered part of the decedent’s estate and will not be included in the probate process. However, if the decedent was the grantor of the trust, the trust assets will be included in the probate process if the trust is not funded, or if the assets held in trust are subject to probate.
- Life insurance policies: Life insurance policies that have a named beneficiary will pass directly to that beneficiary and will not be included in the probate process.
- Retirement accounts: Retirement accounts, such as 401(k)s and IRAs, that have a named beneficiary will pass directly to that beneficiary and will not be included in the probate process.
- Certain types of property with a transfer-on-death designation: In Texas, certain types of property such as motor vehicles, manufactured homes, and certain vessels, may have a transfer-on-death designation allowing them to pass to the designated beneficiary without probate.
It’s important to note that these assets may be subject to other laws such as taxes, creditors claims, and divorce settlement, but they will not be included in the probate process.
