If you are going through the judicial process of proving a will in a court of law in Texas, you may want to utilize an informal method. Going this route may be less expensive and expedite the closing of the estate you’re handling. Knowing the steps to take for an informal probate process can be helpful when you’re in this position and you have a smaller estate.
When can you utilize an informal probate process?
Saving on expenses when you need to close an estate can be done by utilizing an informal probate process. This is done outside of a court of law and is an option you can choose based on the agreement between your heirs and the estate size. If you are the personal representative designated to close the estate, you must be approved and legally appointed before an informal probate can occur.
Preliminary actions to take for an informal probate
If you’re acting as the personal representative on behalf of a loved one and you have received court approval, you’ll need to take a few preliminary actions before the informal probate process can begin. These actions typically involve filing paperwork, paying a filing fee, opening a checking account and creating an asset inventory.
Having a small estate consisting only of personal property can often be closed using an informal probate process, saving expenses. During the process, you’ll be required to liquefy assets, pay bills and file a final tax return. Filing a comprehensive and final accounting statement is also completed near the end of the informal probate process.
Utilizing an informal probate process may be more efficient to close an estate. Examining the number of and types of assets can make it easier to decide if it’s appropriate to utilize this process or a traditional method.