Legal Question in Wills and Trusts in Texas

Re: Estate question

The first step is to see if there is a death provision in the note. If not, then the second step is to see if the deceased had a will. If the deceased had a will, then you need to see if the note is covered by such a will.

Depending on the presence of a will, and the amount of the note, you can have a party apply to a probate court to settle up the distribution (and possible future payments) per the note term. Depending on the circumstances, you can either request the court to appoint an administrator of the estate, or that the court simply declare the heirs of the estate, with their respective shares of the note.

I would need to get significantly more detail on the matter before I could give you anything specific, however.

Re: Estate question

Hello --

There are several possible answers to your question. I'll go from easiest to most difficult, for sake of clarity.

First of all, it is very possible that the note in question has provisions regarding death of a party. It is not at all uncommon for there to be designation of a beneficiary and/or an acceleration provision. The creating instrument would need to be looked at in detail to see if such provisions exist and, if so, how they function.

The second option would be to go through probate court. Within four years of the decedent's death, a person could apply to have the decedent's will "probated". If an executor is named in the will, that person would apply to the court to be given full power to control the financial affairs of the estate, including the receipt of funds (i.e. the note).

Lastly, if no will is present, an interested party (relative, creditor, etc.) can apply to probate court for an administration of the estate. This is basically the same as a will probate - the applicant (if appointed) would receive the same rights to oversee the financial affairs of the estate, but there is more court supervision, including the need to file for determination of heirs (as there is no will to outline who receives what).

Both of the above processes are common in Texas. If either one is necessary, our firm would be happy to help you to our fullest extent.

Should you have further questions or wish to consult with us, please feel free to e-mail me at: [email protected] or phone 254.756.5004

Thanks and all the best,

Joshua Wintters

Attorney at Law