Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
1. Defining Real Property and Personal Assets
Under Texas law, real property includes land and anything permanently attached, such as houses or fixtures. Personal assets cover movable items and intangible rights, like bank accounts, vehicles, securities and household goods. Identifying each category ensures clear division during probate.
2. Inventorying Assets in Probate
When someone dies without a will (intestate), the court appoints an administrator who must file an inventory and appraisement with the probate court, typically within 90 days of appointment. This document lists all real and personal assets and assigns fair-market values. See Tex. Prob. Code § 145.107.
3. Inventory Requirements for Real Property
The administrator must describe each parcel of land or structure with its legal description and estimated value. In many counties, the appraisal district’s records provide official valuations. Proper description prevents title disputes when transferring ownership.
4. Inventory Requirements for Personal Assets
Personal assets require itemized lists. Bank statements, vehicle titles, stock certificates and appraisals for valuable household goods should accompany the inventory. Account numbers and locations where assets are held must be disclosed.
5. Distribution Rules Under Texas Intestacy Law
Texas Estates Code Chapter 201 sets the order of distribution:
- If the decedent leaves a surviving spouse but no children or parents, the spouse inherits the entire estate.
- If the decedent has one or more children all from the surviving spouse, the spouse receives the entire estate.
- If the decedent has children outside the current marriage, the spouse takes the first $50,000 plus half of the remaining estate; the children share the rest equally.
- If the decedent leaves only descendants (no spouse), the estate passes equally to the children.
- If no spouse or descendants, the estate goes to the parents, then to siblings, following Tex. Est. Code § 201.201.
Specific shares vary by family structure. Personal and real property pass under the same statutory scheme; the administrator sells or transfers assets according to each heir’s share.
Helpful Hints
- Begin by gathering deeds, titles, account statements and appraisals before probate filing.
- Work with a probate clerk to meet local deadlines and requirements for filings.
- Use the county appraisal district’s website to confirm property values.
- Discuss any disputed assets early to avoid litigation among heirs.
- Consult a qualified probate attorney to guide you through complex intestacy distributions.