Probate is the legal process of distributing a deceased person's assets to their beneficiaries. During this process, the court oversees the administration of the estate, ensuring that debts are paid and the remaining assets are properly distributed. Boswell PLLC, a probate administration law firm in Dallas, specializes in estate planning and probate law and can guide you through the various ways assets can be distributed during probate. Contact us today.
4 Different Ways Assets Can Be Distributed During Probate
Distribution According to the Will
If the deceased individual had a valid will, their assets would typically be distributed according to the provisions outlined in the will. The executor named in the will is responsible for managing the estate and ensuring that the assets are properly distributed to the designated beneficiaries.
Intestate Succession
When a person passes away without a valid will or fails to include certain assets in their will, the state's laws of intestate succession come into play. These laws provide a default distribution plan based on familial relationships. In such cases, assets are typically distributed to the surviving spouse, children, parents, or other close relatives.
Partial Intestacy
In some situations, a person may have a valid will but fail to address certain assets or make specific provisions for their distribution. In this case, only the assets covered by the will are distributed according to its terms, while the remaining assets are subject to intestate succession.
Probate Alternatives
It is important to note that not all assets need to go through the probate process. Certain assets may pass directly to beneficiaries outside of probate. For example, assets held in trust, joint tenancy property, and assets with designated beneficiaries, such as life insurance policies or retirement accounts, bypass probate. These assets are distributed according to the terms of the trust or beneficiary designation.
CALL TODAY
Boswell PLLC specializes in estate planning and probate law and can provide you with the expertise and support needed during these challenging times. Our team of experienced probate law attorneys in Dallas will review your specific situation, guide you through the probate process, and help ensure that assets are distributed according to the appropriate legal framework. Call today.