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A will does not always have to go through probate. However, in Texas, if a will does need to be probated, that must happen within four years. Please consult with an attorney to find out if probate is needed in your situation.
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Typically, beneficiaries are not taxed on their inheritance in Texas. If an estate is valued at more than the federal exemption amount, the estate will likely have to pay taxes before giving money to beneficiaries. The federal estate tax exemption amount for 2020 is $11,580,000 for a single person. That means that if your estate – the value of everything you own – is less than the exemption amount in the year that you die, your estate should not owe any estate tax.
Yes. However, Texas allows you to include a “no contest” clause. This kind of clause basically says that if someone tries to contest your will after you die, that person forfeits his inheritance if he loses. Texas supports this unless the person contesting the will does that in good faith and had just cause – a solid reason – for contesting the will.
In Texas, if you die without a will, it’s called dying “intestate.” Texas law outlines where your assets go when this happens — such as to your spouse or your children or to your parents or siblings if you are not married and have no children. This becomes a bit complicated, though, if you are married when dealing with community property and separate property and particularly if your spouse is not a parent of your children. Even if you are happy with how the state says your property should be distributed, when you don’t have a will, in many cases whoever steps up to be in charge of your estate will have to apply for a Dependent Administration, which can be costly.
Attorney Jana McCreary
Houston Estate Planning Attorney Jana R. McCreary has been an attorney for over twenty years, a career move she made after working for over a decade with adults and children with intellectual disabilities and mental illness. Graduating summa cum laud… Read More