This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
Real Estate Clause In A Will In Bexar
State:
Multi-State
County:
Bexar
Control #:
US-00120
Format:
Word;
Rich Text
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FAQ
The court will schedule a hearing to examine the will and listen to any objections. If the judge declares the will valid, it will be admitted to probate. If an executor or administrator is appointed at the same hearing, they can now begin the administration process.
Under Texas Estates Code, Title 2, Chapter 205, an estate need not pass through the probate process if there is no will and the total value of the estate (not counting any homestead real estate owned by the Decedent) is $75,000 or less.
Types of Property Exempt from Probate The asset is held in joint tenancy, such as a home where two people's names are on the deed; Community property with the right of survivorship; Payable-on-death bank accounts; Proceeds and benefits that are payable via a life insurance policy; and.
In Texas, if an estate's value exceeds $75,000, it generally must go through probate because the law aims to ensure that significant assets are appropriately managed and distributed under court supervision. The reason an estate over $75,000 must go through probate is to protect the rights of heirs and creditors.
In Texas, bank accounts generally do not go through probate. This means that if you have a bank account in Texas, your loved ones will not have to go through the hassle and expense of Probate Court in order to access your account after you die.
Married couples can sign an agreement to own property together as "survivorship community property." Owning property this way allows the surviving spouse to become sole owner without probate when the other spouse dies. (Tex. Est. Code §§ 112.051 and following (2024).)
Settling Debts Without Beneficiary Approval One of the most challenging aspects of this process can be selling estate property to meet these financial obligations. Texas law allows executors to sell property without the beneficiaries' approval, which can be necessary to keep the estate solvent.
A Small Estate Affidavit is a legal document that allows an executor or administrator to bypass the traditional probate process for small estates in Texas. It can be used if the value of the estate does not exceed a certain threshold (currently $75,000) and there are no complex legal issues to resolve.
Under Texas law, there are several possible grounds for proving a will invalid, including lack of capacity, undue influence, fraud, mistake, and improper execution.