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Estate Administration

in accordance with the estate plan or rules under Texas law

Estate Administration is the process of inventorying assets, providing notice of the administration to all interested parties – including creditors, and ultimately the distribution of assets to beneficiaries. Whether an estate plan has been created or not, the estate of a deceased individual will need to be managed and closed out.

Generally, estate administration includes four steps:

Step 1

Taking an inventory of all assets

Step 2

Giving notice to all beneficiaries and creditors

Step 3

Paying the debts of the estate

Step 4

Making distributions to the beneficiaries

Who we represent in the estate administration process

  • Beneficiaries and their interest in an estate administration.
  • A Trustee or Administrator with their fiduciary responsibilities toward beneficiaries and/or the court.
  • Heirs of a decedent to counsel and determine their rights under Texas intestacy law.

Beneficiaries

Beneficiaries are those who are entitled to receive assets in an estate. Beneficiaries may receive a specific bequest such as a family heirloom or a general bequest such as 50% of the remainder of the estate. If an individual passes away without a will, beneficiaries are still identified under Texas law. These beneficiaries are usually the spouse and children of the person who passed away.

Trustee, Administrator, Personal Representative

In these roles, an individual carries out the activities in an estate administration. They may have periodic reporting requirements to a trustor, beneficiary or the court. They may be liable for failing to complete certain responsibilities. An estate attorney can guide individuals through the steps involved in their particular situation and ensure their duties have been met.

Probate vs. Non-Probate

It is important to understand the difference between assets that are subject to probate proceedings and assets that are not. Generally, non-probate assets include assets held in trust, accounts with designated beneficiaries, and property held as joint tenants with right of survivorship. Upon the death, individual non-probate assets are transferred to a beneficiary or joint owner without oversight or approval from a probate court – this allows for assets to be distributed much quicker and, usually, with less cost associated with their transfer. Additionally, for Medicaid purposes, non-probate assets in Texas are not subject to recovery by the state under the Medicaid Estate Recovery Program.

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An Essential Guide to Estate Planning, Administration, and Long-Term Care

As you age, your financial needs and health concerns naturally evolve. Estate planning allows you to age comfortably by addressing changes and challenges head-on. Holman Law has created an estate planning ebook to help you get started. 

FREE DOWNLOAD

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 by Jo Ann S. on Holman Law
I'm recommending him to all my friends

Steve presented at Allen's senior center. He did a great job of communicating so effectively on a sensitive topic. He listened intently to all question and showed a sincere care for each attendee. I'm recommending him to all my friends who have estate planning or will needs.

 by anonymous on Holman Law
Living Trust Prep

Atty. Holman was very thorough and answered all of our questions promptly. Most of the questions were via email, but he also spent time on the phone for the initial consultation, discussing our needs and reviewing documents after they were prepared. We never felt rushed or pressured. My wife and I felt completely comfortable and confident in his handling of our affairs. We highly recommend him !!

 by Julia B. on Holman Law
Professionalism and care are outstanding

Steve's level of professionalism and care is outstanding. Steve has participated in numerous community events and each time, he blesses his audience.

 by Miroslav (Mick) on Holman Law
Financial Consultant

Steve Holman did an outstanding job explaining complex estate matters to me and my 91 year old mother. He also helped us think through some sensitive non-legal, non-financial "elder matters" (like planning for a dignified exit and making sure her wishes were clear and codified). He is bright, energetic and has the perfect demeanor for constructively interacting with older folks. Hire him!

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