QUESTION

We live and Texas and have a basic will. Do we need an Estate

Asked on Jun 21st, 2021 on Wills and Probate - Texas
More details to this question:
At what point do you need to have an Estate vs a basic will
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1 ANSWER

Appellate Practice Attorney serving New York, NY
I think you may be confused and using the wrong term, because you don't "need" an estate, it simply comes into being when you die (there are other types of estates, such as a bankruptcy estate, but I"m talking about a decedent's estate).  When a person dies, his estate automatically comes into being, whether or not there is a will.  The estate becomes responsible for the decedent's debts, owns his property, etc.  If there is a will, the person's assets will be distributed pursuant to its terms (with exceptions, such as accounts with named beneficiaries, which pass accoring to the beneficiary designation regardless of the will,  life insurance proceeds, property owned jointly witha right of survivorship, etc.)  If there is a will, benerally the person named in the will as the executor administrers the estate.  If there is no will, a person will be appointed by the court to administer the estate (in NY this person is called an estate administrator, but the term may be different in Texas).  If there are no issues with the estate, i.e. everyone agrees on who is to get what, all ceditors are satisfied, there are no changes of title or other official documentation needed, you may not have to go to court, but if there are any disputes or official documentation needed, you will have to, will or no will. I hope this helps.
Answered on Jun 21st, 2021 at 2:09 PM

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