A frequent question that is asked is “How much time do I have to probate a will?” or “How long do I have?” or “When should I probate the will?”
I find it is best to do it as soon as possible, when the family is ready. Unless it is an emergency situation, I often advise families to wait at least a few weeks after the funeral. Most often, the time after a death is hectic. First, there is usually the shock of the whole situation, then arrangements have to be made, and then there is a grieving period. While a few weeks may not be enough time to completely grieve, it at least gives the survivors time to think a little clearer, gather information and prepare to move on.
As a good rule four years is the the statue of limitations in Texas to probate a will. With that being said, if it has been longer than four years there are a few processes that can work to distribute the estate, but its still best to probate before the 4 year limitation runs.
While the statute of limitations is four years I would never recommend waiting that long. While you wait assets can deteriorate, taxes continue to add up, interest builds on debts and memories fade. A lot of assets need attention immediately. A home for example requires love almost immediately. Ask any realtor and they will tell you the longer a house sits vacant the quicker it erodes. The same with vehicles and almost any other kind of appliance or machinery.
Taxes are always going to be accumulating. Property taxes for one, do not go away when the owner dies. The longer they are put off the larger they grow and you are just inviting extra penalties and interest to be tacked on. And speaking of interest, if there are any debts of the estate, the interest continues to accumulate. I like to use the home example because that is typically most peoples’ biggest assets. A monthly mortgage payment may be reasonable but add the interest and late fees for a couple of years and the payment can get out of hand quickly.
The longer you wait memories start to fade. Sure your never going to forget grandpa but you may forget he had that storage unit across town or that he had that investment account from before he retired. Its best to get things done while the memories fresh.
If you have any other further questions about this topic or about probate in general give me a call.
Robbie Osborne 832 428-8733. In most cases the first consultation is free.
