Texas Laws on Establishments, Estate, and Probate
- Texas updates its probate laws every five years.texas map image by Vladislav Gajic from Fotolia.com
Texas probate and estate laws are buffers against messy squabbles over rights to property and wealth. The state constitution provides several codes to insure that inheritance and heirship are handled properly, justly, swiftly, and with respect. The laws make no discrepancy amongst property to be passed upon the passing of a citizen, and thus cover single-owner establishments in addition to property, possessions, and personal wealth. - Texas state code doesn't provide general laws on establishments, though establishment law can be found spread throughout the state constitution and legal codes. Upon the death of an establishment's owner, as per Texas probate and estate law, the establishment is to be inherited by those identified in the will of the deceased. If no will exists, or if a will doesn't identify an inheritor, those who wish to claim heirship must file an appeal with the state probate courts. Those who wish to alleviate themselves of the burden of heirship to an establishment may file a disclaimer with the state probate court.
- Texas estate law covers everything from the inheritance of a deceased person's estate and applicable taxes to estate closure laws. According to Texas state code, any estate inherited from a person deceased between September 1, 1983 and January 1, 2005, is subject to state Taxes. Estates inherited before or after this window are exempt from this tax. Those who inherit an estate in Texas are responsible for paying any debt or tax on the estate. To close an estate in Texas, a letter of closure must be obtained from the IRS, and all applicable taxes and interest must be paid within thirty days of the estate closing. Other estate laws in Texas cover estate taxes, property taxes, generation-skipping inheritance, and liability.
- Texas state probate law is thirteen chapters long and contains hundreds of chapters detailing the thousands of minutia of probate code. Initially enacted in 1956, Texas Probate Code was updated in 2009 and is due to be updated again in 2014. If no will or intent exists at the time of death, Texas code stipulates that a probate court is to determine heirship of the deceased's estate. As per Texas probate law, anyone who is lawfully married, a member of the armed services, or at least 18 years old, and of sound mind, may execute a will. Other provisions in the law cover nontestamentary transfers, will revocation, guardianship, and durable power of attorney.
Establishment Law
Estate Law
Probate Law
Source...