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Estate Settlement

East Texas Estate Settlement



Generally, estate settlement is the act of winding up the business affairs of a deceased person under the terms of a Will or, if there is no Will, under the terms of state descent and distribution statutes.  

First, a court approves the Will for probate and names the executor to settle the estate or appoints an administrator to settle the estate under the descent and distribution statutes. Second, assets are gathered and an inventory prepared.  Third the final bills of the decedent are paid.  Fourth, the taxes of the decedent are paid.  Finally, assets are distributed to the heirs as defined in the Will or the descent and distribution statutes.  An executor or administrator can be an individual or a bank trust department.

Pittsburg, Texas

Family Settlement Agreements

A Family Settlement agreement is an agreement among all heirs involved that expresses how an estate will be distributed.
  • It acts as a binding and enforceable contract with protection against future liability.
  • It requires the agreement and cooperation by all heirs involved.
  • It can reduce the legal expenses and time in probate court.
A Family Settlement Agreement can reduce legal expenses and time in probate court involving multiple attorneys representing multiple family members. Learn more about Family Settlement Agreements here.

The Legal Effect of Not Having a Will

The legal effect of not having a will is difficult to maneuver.  The Guaranty's Wealth Management Group team is available to discuss all of your estate settlement needs.
  • Married person with child[ren] or other descendants
  • Married person with no child or descendant
  • Unmarried person with child[ren] or other descendants
  • Unmarried person with no child or descendant
Click here to visit our Resource Center for more information
 
Interesting Information -

Click here
to read a summary of the circumstances and outcome of a few famous people who died without wills.
Click here to read a summary of a few famous people who died with wills & other probate related planning.
 

Estate Settlement

Estate Settlement is the process of creating a Will to give directions as to how an estate is to be settled after a testator/testatrix dies. Click here to learn more about Asset Titling and the Transfer of Estate Property

Serving as Executor or Personal Representative
The person named in someone’s Last Will and Testament as an Independent Executor or appointed by the Court as an Administrator of an Estate where there is no Will carries a very heavy burden of legal responsibilities and duties owed to the deceased, the heirs, the Estate’s creditors and the Court. The Executor/ Administrator often will need determination and courage to face many issues and circumstances involving the various parties.
 
Click here to review more information regarding whether or not you should serve as an Executor or Administrator.
 
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