How to Handle an Estate: General Information About Estate Law

How to Handle an Estate: General Information About Estate Law

All of us have to leave our belongings behind when we die. It’s the ideology of life. No one can take his/her holdings and worldly interests with him. In many states, including Texas, the property is divided among heirs, friends, and other beneficiaries mentioned in the will after the death of a person. Estate planning is very essential if you want your belongings to get divided and distributed to the people according to your wishes. However, in the absence of a will, assets are dispersed according to state law.

‘Estate’, in simple words, means the net worth of an individual including all the belongings, like an expensive house or other assets, along with all the taxes and debts imposed on the property.

What Is Estate Law?

Estate law takes care of the property of people. It is the subgenre of property law. It deals with the principles of handling one’s estate after their death as well as during their lifetime.

It looks upon a wide range of matters such as planning and administration of an estate, defining duties of an executor, distribution of assets, paying taxes, and debts. The whole process gets very exhausting and time-consuming. However, such complex matters are handled best by professionals. If you want any guidance regarding the estate planning and probate process, you can contact an experienced attorney from estatelawtexas.

Distributions of Assets When There’s No Will

If a person has left a will, the assets will be divided according to the will. However, in the absence of a will, the distribution of assets according to the Texas law is as follows:

• In the case of a spouse with no children, parents, and siblings, the entire property will be given to that partner.
• In the case of spouse and children, a spouse will get the share from community property and one-third of the personal property. Meanwhile, the children will be given the balance of the estate.
• In the case of spouse and parents, a spouse will get the share of community property as well as all separate personal property and one-half of real property. Whereas, parents will inherit the balance of the separate real property.
• If the deceased has left spouse and siblings only then the assets would be dispersed as the spouse will get the share of community property along with all the separate personal property. Other than this, one-half of separate real estate. Balance of separate property will be distributed among the siblings.
• If the departed person has left a spouse and children who are not from the relationship with the spouse then the decedent’s share of personal property will be given to the children. In addition to that, children will get two-third of separate personal property. While on the contrary, a spouse will inherit the balance of personal separate property and the entire real estate of the deceased.

Preparation of a will in your life is very important. Therefore, you must consider the help of a specialist in this regard. Along with that, an experienced attorney can handle the complicated matters like probate and administration efficiently and this will reduce your worries.