This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Texas Assignment of Portion for Specific Amount of Money of Interest in Estate in Order to Pay Indebtedness
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FAQ
The executor generally has three years after their appointment to distribute the remaining assets (after debts and disputes are resolved). The Texas probate process can be fairly simple in most cases.
(a) A claim or part of a claim that has been rejected by the personal representative is barred unless not later than the 90th day after the date of rejection the claimant commences suit on the claim in the court of original probate jurisdiction in which the estate is pending.
It is two years from the date the will is admitted to probate. A person has four years after death to file a will for probate so the date of death is not the determining factor.
Sec. 360.202. SALE OF ESTATE PROPERTY. (a) When the court has found that all or part of an estate is not capable of fair and equal division, the court shall order the sale of all estate property not capable of fair and equal division.
A claim or any part of a claim for money against an estate may not be paid until the claim or part of the claim has been approved by the court or established by the judgment of a court of competent jurisdiction. Sec. 355.102.
Payment priorities Funeral expenses and/or final illness expenses up to $15,000. Estate administration expenses. Secured debts to be paid for by the sale of estate assets. Child support payments and interest.
In Texas probate, secured debts take priority over unsecured debts. If the estate does not have sufficient funds to cover the secured debt, the creditor may have the right to repossess or foreclose on the collateral to satisfy the debt.
Texas maintains a four-year statute of limitations on general debts from their original due date. However, all such limitations are suspended for twelve months following the estate owner's death.