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Texas estate administration steps

As a Texas resident, it is important to become familiar with the estate planning and estate administration process. This will ensure that you understand what you should and should not be doing while you are living, as well as how your situation will be handled when you pass on. Furthermore, this knowledge can come in handy if a loved one passes on.

In short, estate administration is the settlement of an estate that is almost always required when a person passes on.

While no two estate administration processes are the same, there are some basic steps that always come into play. These include but are not necessarily limited to the following:

-- Collection of the deceased person's assets-- Payment of any claims or debts against the estate-- Payment of estate taxes-- Contacting of the heirs if the person did not have a will-- Distribution of the estate based on any estate planning documents, such as a will or trust

Estate administration is not always as simple as the five steps above, because many challenges can arise along the way. For example, if a person does not have a will, the appropriate heirs will need to be located and contacted.

It is important to become familiar with the estate administration process in Texas so that you know what you will face if a loved one passes on. At the same time, this can help you better understand how to plan for your own death.

There are many questions to answer regarding estate planning and administration, so many people opt to consult with a qualified attorney as opposed to doing everything on their own.

Source: FindLaw, "Texas Statutes - PROBATE CODE" Sep. 09, 2014

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