Legal Question in Wills and Trusts in Texas
Passing of family, found original will with seal that states an executor and notes when house id sold it is to split among the children. Very simple, but here are my questions.
1) Bank accounts there are POD (payable upon death) that list beneficiary's names. Does that have to be shared with any one else since not written in the will.
2) Insurance policies, does the Beneficiary do they have to split money?
3) Personal property such as cars, clothing, furniture- can the Executor decide who gets what?
4) Do we have to get an Attorney to probate the will?
5) Can the name on the deed to house be left alone until sold?
2 Answers from Attorneys
The bank accounts pass according to the POD designation and since there is a POD designation they are not subject to probate. Same is true for life insurance contract, it is payable to named beneficiary. The will should address the personal property if not addressed it should be valued and distributed as equally as possible to the named beneficaries. You do need an attorney in Texas to probate the will. If you probate the will then the estate will sell the house. In Texas 99% of all real estate transactions are closed through a title company. They will work with the executor of the estate and/or the attorney to get the appropriate documents. Hope that helps
It looks like Mr. Geffen has addressed most of your questions. One additional point is worth making, however, relative to your final question. If the Will instructs the Executor to sell the home and divide the proceeds, then there is no title to change prior to the sale. The name on the deed (the decedent's) would remain there until the house is sold by the Executor on behalf of the decedent. If the Executor tried to do it the other way around and transfer title to the beneficiaries and then sell the home, you've got all kinds of issues.
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