Estate Help

Have you inherited an estate property or been named as the Executor or Executrix of an estate?

If so, you may find yourself needing help and feeling overwhelmed. We know from personal experience that overseeing an estate can be very physically and emotionally demanding. Especially if you live out of town. That’s why we created this website. We’d like to offer you help and hopefully point you in the right direction.

We can help in one of three ways...

1. Recommendations

First, we can make recommendations on Estate Sale Companies, Probate Attorneys, Contractors, Title Companies, Lawn Services, and just about anything else you can think of. We can drive by and check on your property if you are out of town. We can also strategize with you about the whole process. We encourage people to call us as soon as possible. Often times we can save you a lot of time and money.

2. Make an Offer

Second, if you need to sell a house in an estate we would like to make you an offer. We have been buying estate properties for over 15 years. We do not require any repairs to be made. We can close quickly if we need to. We pay all of the closing costs and we handle all the paperwork. We work with a title company that is very familiar with these types of transactions and they really make things easy. We would be happy to make you an all cash offer—no strings attached. This is a great option if the property needs some work or if it needs to be sold quickly. If someone is still living in the property we are very flexible on the move out date. There is no rush to move. We can also purchase the entire estate including contents. This can save you from needing to have an estate sale. It’s just another option to consider. As you can see we are very flexible and easy to work with.

3. List your Property

Third, we can list your property for you. Besides being real estate investors we are also Realtors. But we are not your typical Realtors. We specialize in selling estate properties in as is condition. And we are very good at it. Because we are investors we have learned how to sell our own properties. We will use these same proven strategies to sell your house. If the property is in good condition, and there is no rush to sell, most of the time listing the house for full value is your best option. If you are unsure which way to go we can always make you a cash offer and then list the property for you. If at any point you decide to take us up on our cash offer we will waive all of the Realtor fees. Whichever way works best for you.

What if you don’t need to sell your house? We still want to help! We can’t stress this enough.
Every week we get calls from people who do not need our services but would like access to our contacts. We are glad to help. Sometimes people want to sell the house on their own. In that case we can give you market comps and help you determine value. We can strategize with you on repairs, price, and marketing strategy. ALL FREE OF CHARGE.

Overview of the Probate Process

Texas probate is notably simpler than many other states, thanks to something called the “independent administration” of estates. Using this process, most Texas executors wrap up estates with very little court supervision.

Assets that can be transferred to the new owner without probate include:

• • Community property with right of survivorship
• • Property held as joint tenancy with right of survivorship
• • Payable-on-death bank accounts
• • Life insurance proceeds
• • Survivor’s benefits from an annuity

Texas has two kinds of formal probate and some other simpler transfer procedures as well.

Most Texas wills direct the named executor to pursue independent administration, because it’s quicker, simpler, and less expensive than the alternative, dependent administration. Even if the will doesn’t provide for independent administration (or there isn’t a will at all), the executor or administrator can ask the court for authority to act as an independent executor if all beneficiaries agree.

Independent administration means the executor:

• • does not have to post a bond (an insurance policy protecting the estate against losses caused by the executor’s careless or dishonest acts)
• • does not have to ask court permission before taking many steps to settle the estate, such as paying debts, setting aside a family allowance, selling estate property, and distributing assets to the people entitled to inherit them.

An independent executor still must publish notice to potential creditors and file an inventory of assets with the court. The executor must collect and safeguard estate assets until it’s time to transfer them to their new owners.
The executor is entitled to a fee (called a commission) of five percent of all money the estate receives and all money it pays out. Only transactions that have to do with managing the estate—for example, paying bills—are counted. Money that was in the estate at the time of death or that is distributed to inheritors is not counted.

It’s less common, but executors can also request dependent administration, which entails greater court supervision of the probate process.

The “muniment of title” process is a relatively simple and inexpensive way to transfer estate assets when there’s a will. (Tex. Estates Code Ann. § 257.001.) It can be used when:

• • there is a valid will
• • there are no unpaid debts, except those secured by real estate, and
• • Medicaid has no claim against the estate for recovery of benefits received by the deceased person.

To get the process started, someone files the will, and a request to probate the will as a muniment of title, with the probate court. If the court decides there’s no need for probate administration, it admits the will into probate as a muniment, or evidence, of title to the estate assets. Essentially, the will serves as the document that transfers the assets to the persons or entities named in the will to inherit them.

The court doesn’t appoint an executor or administrator. The person who requested probate as a muniment of title, however, is required to file an affidavit (sworn statement) with the court within six months, stating that the terms of the will have been carried out (or, if some terms haven’t been carried out, which ones).

In certain circumstances, the people who inherit don’t have to open a probate court proceeding or use a muniment of title. If there is no will and total value of the probate estate is $50,000 or less, then the people who inherit property can prepare a simple affidavit (sworn statement) to collect the property.

Texas executors can use a simplified small estate process if the value of the property doesn't exceed what's needed to pay the family allowance and certain creditors. (Tex. Estates Code Ann. § 354.001.) The executor presents an accounting showing where the estate money went, and the court approves it and closes the estate.
Similarly, if, after expenses of the funeral and last illness have been paid, the remaining assets don’t exceed the amount of the family allowance, the court can issue an order of no administration. In that case the court assigns the estate assets to the surviving spouse and/or minor children. (Tex. Estates Code Ann. § 451.003.)

This information was received from https://www.nolo.com/legal-encyclopedia/texas-probate-an-overview.html

Helpful Contacts

Probate Attorneys

There are many reputable probate attorneys in Amarillo. Most all of them do a great job. There are two attorneys who really do stand out. They are both very good at what they do and we have always received great feedback from their clients. What sets them apart in our opinion is that they are both really nice, down-to-earth people. In the world of attorneys that is a rare quality!

Adair Buckner 806-220-0150 / www.adairbuckner.com
Chris Jones 806-468-3308 / chris.jones@sprouselaw.com

Estate Sale Companies

There are many Estate Sales Companies in Amarillo. Although we have not personally worked with any of them, we have worked with a lot of people who have. These are the two companies who our clients have told us do a great job. We have heard mostly good things about each of them, that’s why we recommend them. Sometimes they get booked up for several weeks out so it’s a good idea to call them sooner rather than later.

Estate Sales by Jan
Jan Migliaccio
806-433-6544
www.salesbyjan.com

Amarillo Estate Liquidators
Brad Cunningham
806-336-6723
www.amarilloestateliquidators.com