On the verge of retirement? Stopped and wondered what will happen to your property and various assets after you pass? Suppose their is no existing trust set up. Ordinarily, the property passes through probate beside a last will and testament. Probate lawyers in the Lubbock, TX, area coach clients on top financial matters: budgeting, avoiding credit traps, and limiting debt.
The Decedent’s Estate
Real estate, land, furniture, stocks, and retirement benefits culminate into a package called the estate. We’ve grown considering the term to mean just a single piece of high value property. Instead, it represents the individual’s financial net worth – debts against net savings. Settlement happens under Estate Administration; this is where the probate court plays a key role.
Intro to Probate Court
The Probate Court ensures that the decedent’s affairs are settled so beneficiaries receive a minor form of solace. The Court also supervises asset title transfer among devisees assuming there’s more than one. Heirs of course don’t have to be blood related. Where no will exist, the law then determines asset division.
Duties of a Personal Representative
The estate’s personal representative, such as a probate lawyer in Lubbock, TX, you plan to hire potentially must become a impartial decision maker. Matters should be treated as if you were handling them yourself- with prudence and care. Whatever remains after the decedent dies gets pooled into the estate. If you reside in Lubbock, then Probate is apart of the law.
Experienced attorney and representative Kyra K. Blankenship Attorney has spent years in the office and at Kblankenshiplaw.com helping her client base. Follow the link with any questions regarding your future affairs.