Bexar Texas Inventory, Petition to Approve Expenses and Monthly Allowances, and for Other Relief

Name: Bexar Texas Inventory, Petition to Approve Expenses and Monthly Allowances, and for Other Relief
Brand: US Legal Forms
Rating: 4.72 (427 reviews)

Category:

Probate - Estates - Inventory

State:

Multi-State

County:

Bexar

Control #:

US-00774

Format:

Instant download

Description

This is a multi-state form covering the subject matter of: Inventory, Petition to Approve Expenses and Monthly Allowances, and for Other Relief.

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How to fill out Bexar Texas Inventory, Petition To Approve Expenses And Monthly Allowances, And For Other Relief?

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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.

Executors have a duty to account to the beneficiaries. This means, 'provide an accounting of all of the assets of the estate, all income (and losses of the estate), all expenses of the estate, and all distributions of the estate. This duty is supervised by the Courts via the process of 'passing of accounts'.

The executor must provide proper accounting, in Court format, to beneficiaries in a timely manner. Note, however, that as a general rule the executor is not obliged to provide a) 'minute by minute' on-going reporting to beneficiaries, or b) all back up documentation (as in photocopies of expenses etc.

Within 90 days of qualifying as executor or administrator, you must file an inventory with the court. If you need extra time, the court will usually let you have it.

If the Texas probate judge does not approve the inventory, the judge will enter an order requiring the filing of another inventory, appraisement, or list of claims, whichever is not approved, within a time period of 20 days or less. Texas Estates Code §309.054.

Inventories are associated with wills or, if a person died intestate (without a will), with the letters of administration which allowed the next of kin to wind-up the deceased's estate. An inventory was not a legal requirement after 1782 but an interested party could request one.

Carrying out an inventory of the estate So one of the main tasks for the executors is to produce a list of all the property, possessions and debts of the deceased at the time of his or her death, and a valuation for each.

What is an Inventory, Appraisement, and List of Claims in a TexasYouTube Start of suggested clip End of suggested clip The inventory must be filed it must be in writing and it must be verified. It must include all theMoreThe inventory must be filed it must be in writing and it must be verified. It must include all the real property located in the state of texas.

An executor must account to the residuary beneficiaries named in the Will (and sometimes to others) for all the assets of the estate, including all receipts and disbursements occurring over the course of administration.

Valuing parts of the estate for probate Assets need to be valued at their open market value. This is the price the asset might reasonably fetch if it was sold on the open market at the time of the death. This represents the realistic selling price of an asset, not an insurance value or replacement value.

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HABC is proposing revision of major sections in the HCV Administrative Plan, as noted below. (See Dispo Approval.

Bexar Texas Inventory, Petition to Approve Expenses and Monthly Allowances, and for Other Relief

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