Affidavit In Lieu Of Inventory Form
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How to fill out Affidavit In Lieu Of Inventory Form?
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FAQ
Probate is needed in Texas when someone dies with assets in their single name, whether they have a will or not. Full court probate (court supervised) is required in Texas when the total assets of the estate are greater than $75,000 and or if there is a will.
The duty of loyalty: Every action taken by the executor must be for the benefit of the estate heirs and beneficiaries. They can never disclose information about the estate to unauthorized parties, favor their personal interests over those of the beneficiaries, or realize a profit in business dealings with the estate.
Within 90 days after qualification, the personal representative must file with the Court a sworn inventory, appraisement and list of claims (Inventory) of the estate. The Inventory must include all estate real property located in Texas and all estate personal property regardless of where the property is located.
To summarize, the executor does not automatically have to disclose accounting to beneficiaries. However, if the beneficiaries request this information from the executor, it is the executor's responsibility to provide it. In most cases, the executor will provide informal accounting to the beneficiaries.
The statute of limitations on debt in Texas is four years.
