Fort Worth Real Estate, Executor Help Probate Texas Law, 55+ Communities Adult NeighborhoodsRecently posted or modified blog postshttps://www.citiesrealestate.com/blog/Copyright CitiesRealEstate.com2024-02-01T00:44:07-07:00tag:citiesrealestate.com,2012-09-20:23092Understanding the Texas ag Exemption When You Sell A HouseUnderstanding the Texas ag Exemption
At Cities Real Estate, the types of properties we help buyers and sellers with are incredibly diverse. We cater to individuals and families who thrive in the hustle and bustle of the city, as well as those who need a little more wide-open space.
For those who prefer to live on acreage, Cities Broker David Pannell answers some questions concerning the ag exemption, which is often misunderstood by current and future agricultural landowners.
What is an ag exemption?
An ag exemption is not really an exemption but a special valuation.
In simple terms, this means agricultural landowners will have their property taxes calculated based on productive agricultural value, as opposed to the market value of the land.
The idea of agricultural land valuation is rooted in the Texas Constitution. It can equate to significant tax savings because any type of agricultural land is costly to maintain or operate.
Properties are eligible for ag valuations for the production of everything from honey to hay. They can even be eligible for wildlife management depending on the location and rules of the county.
Ag valuations are not easy to get, so keeping and maintaining them is very important. What qualifies as an ag exemption in Texas?
Only land that is primarily being used – and has been used for at least five of the past seven years – for agricultural purposes may qualify for an ag exemption in Texas. Agricultural purposes include crop production, livestock, beekeeping, and similar activities. Many counties have minimum acreage requirements, and some consider the agricultural degree of intensity. What is the minimum acreage to qualify for an ag exemption in Texas?
These requirements vary by county, but you will usually need a minimum of 10-15 acres to be eligible for an ag exemption. These rules could also vary based on the type of agricultural activity. For example, if you’re a beekeeper, you’ll need a minimum of approximately 5-10 acres to qualify. Make sure to check with your county appraisal district for specifics. How many animals are needed for a Texas ag exemption?
This will depend on your county’s “intensity standards.” Standards are established based on how many acres of land are necessary to sustain an animal unit (one cow, for example, or five sheep). These will depend on an individual county’s climate since rainfall impacts how much land animals need to survive. Contact your appraisal district or the Texas Comptroller for your county’s specific requirements.<br /><br />How much does a Texas ag exemption save?
This will depend on your county’s individual tax rate, which varies. For example, you could save $2,000 or more on your property tax bill in Tarrant County if you owned 15 acres of ag-exempt land.
What happens if an ag exemption on a property is lost?
If an ag exemption or valuation is lost on a property, the current or new owners could be responsible for three to five years of rollback taxes, including interest.
This can be a tremendous financial burden for brand-new landowners. Established, reputable lenders will ensure that all their mortgage products allow ag exemptions to stay intact. Trust David Pannell and Cities Real Estate
David Pannell and Cities Real Estate understand rural real estate and how ag exemptions work in Texas. If you’d like to learn more about how David can help you sell your property, call David today at (817) 797-9047. He’s helped hundreds of buyers and sellers since 2005; let him help you make your real estate dreams come true.
*This article is for informational purposes only and is not intended to serve as tax advice. For advice specific to your situation, please consult a qualified tax professional.2024-02-01T00:24:32-07:002024-02-01T00:44:07-07:00David Pannelltag:citiesrealestate.com,2012-09-20:22965File Your Homestead, Texas (FREE) Fort Worth, Texas10 Frequently Asked Questions About Property Taxes in Tarrant County, Texas for 2024
During the course of the year, I’m asked many questions concerning property taxes in Tarrant County. These questions come not only from prospective homeowners moving into Tarrant County but also from current residents who need clarification of the property tax laws in Fort Worth and <a href="https://www.tad.org/" title="Tad.org">Tarrant County</a>.
The following are ten questions I field most often, shared with you to clarify major property tax changes for property owners and other general questions concerning the homestead exemption in Tarrant County in 2024.<br /><br /><a href="https://taxonline.tarrantcounty.com/TaxPayer/landing-page-en-us">LINK</a> to the Tarrant County Tax Office website & Calulator.<br /><br />Beginning January 1st 2022, a new homeowner can apply for homestead exemption as soon as they move in and have their DL updated with the new address. Ref: <a class="yt-simple-endpoint style-scope yt-formatted-string" spellcheck="false" dir="auto">https://capitol.texas.gov/tlodocs/872/billtext/html/SB00008I.htm</a> . <br /><br />They don't have to wait a year to apply. Also, a new homeowner may be eligible for a prorated exemption for the remainder of the year, based on certain conditions. <a class="yt-simple-endpoint style-scope yt-formatted-string" spellcheck="false" dir="auto">https://blog.squaredeal.tax/texas/prorated-homestead-exemption/</a> <br /><br />1. What is the homestead exemption amount in Tarrant County, Texas, in 2024?
The <a href="https://www.tad.org/blog/news-articles-1/importance-of-filing-your-homestead-exemption-with-tarrant-appraisal-district-15" title="Homestead">homestead exemption</a> in Tarrant County, Texas, has seen some significant changes in 2024, with a major change to the homestead exemption and a new exemption concerning the Tarrant County Hospital District.
According to the Tarrant Appraisal District, a <a href="https://www.tad.org/blog/news-articles-1/importance-of-filing-your-homestead-exemption-with-tarrant-appraisal-district-15" title="Homestead">homestead exemption</a> limits the increase of your appraised value to 10% annually. This limitation is often referred to as a "homestead cap.”
Prior to 2023, all homeowners in Tarrant County received a $40,000 reduction from their taxable value for all school district taxes. However, in 2024, there have been substantial shifts in the tax landscape. The county leaders decided to adopt a 10% homestead exemption for the first time.
This change means that homeowners can now deduct 10% of their property's value when calculating their property tax. For instance, if your home is worth $500,000, you can now deduct $50,000 from its taxable value due to the <a href="https://www.tad.org/blog/news-articles-1/importance-of-filing-your-homestead-exemption-with-tarrant-appraisal-district-15" title="Homestead">homestead exemption</a>.
The second exemption is another 10% homestead exemption specifically for the Tarrant County Hospital District. This exemption was approved by a 3-2 vote and is designed to further reduce property taxes for homeowners in the county.
These two new exemptions will automatically apply to qualifying homeowners, providing significant property tax savings. It's important to note that these exemptions are in addition to existing ones, such as the general homestead exemption and any optional homestead exemptions offered by specific taxing entities.
Furthermore, voters approved a constitutional amendment in November that authorized a $100,000 homestead exemption on school district tax bills. This adjustment is a significant increase from the previous $40,000 exemption and will undoubtedly provide substantial relief to many homeowners in Tarrant County.
These adjustments, coupled with lower tax rates proposed by Tarrant County College and other local entities, mean that 2024 could be a year of significant tax savings for homeowners in Tarrant County.
To summarize, the <a href="https://www.tad.org/blog/news-articles-1/importance-of-filing-your-homestead-exemption-with-tarrant-appraisal-district-15" title="Homestead">homestead exemption</a> amount in Tarrant County, Texas, in 2024 is 10% of the property's value for general purposes, with a specific $100,000 exemption applied to school district taxes.
2. What is the last day to pay my property taxes without penalties?
The final day to pay your property taxes without incurring penalties in Tarrant County is January 31. However, there are eligible half-payments or quarter-payment due dates that homeowners can take advantage of to distribute their tax burden throughout the year.
3. Are property tax rates being lowered in Tarrant County in 2024?
Yes, Tarrant County has lowered its tax rate in 2024. Despite taxable values climbing by 14%, the county is committed to providing tax relief to homeowners, meaning the owner of an average home may see a decrease in their bill.
4. Do I need to reapply for my homestead exemption in 2024?
Starting in 2024, all appraisal districts have a directive to reevaluate all in-place exemptions. While this doesn't necessarily mean you need to reapply, it's a good idea to check with your local appraisal district to ensure your exemption remains in place.
5. Will my property tax bill be lower in 2024?
There's a possibility your property tax bill could be lower in 2024. Thanks to lower tax rates and new homestead exemptions, Tarrant County will collect about $16.3 million, or 3% less property tax revenue in fiscal year 2024 than it did in 2023.
6. How will Texas' property tax relief plan affect school budgets?
The Texas property tax relief plan aims to lower school district property taxes. However, it's important to note that the state is using a record budget surplus to fund schools, so while homeowners will see relief, school budgets should not be adversely affected.
7. How much can I expect to save with the new tax relief measures?
The exact amount you'll save depends on your property's taxable value. However, with the proposed lower tax rates and new homestead exemptions, homeowners should see a noticeable decrease in their property tax bill in 2024.
8. How do I apply for a homestead exemption?
You can apply for a homestead exemption through the Tarrant Appraisal District. They offer assistance if you have any questions or need help with the application process.
9. Who qualifies for a homestead exemption in Texas?
Qualifying for a homestead exemption in Texas requires meeting certain criteria. The property in question must be your primary residence and you must own it as of January 1 of the tax year. This means that if you purchase your home after January 1, you will have to wait until the following year to apply for the exemption.
Additionally, you must provide a copy of your Texas driver's license or personal identification certificate. The address on your driver’s license or state ID card must match the physical address of the residence for which you are applying.
Further, you should be aware that there are additional benefits for homeowners who are age 65 or older or disabled. Individuals who meet these criteria qualify for a $10,000 residence homestead exemption.
To apply for a homestead exemption, you will need to fill out an application form and submit it to your local appraisal district. You can find this form on the website of the Texas Comptroller.
10. Who do I speak with if I have additional questions concerning property taxes and the homestead exemption in Tarrant County?
For further information on property taxes and the homestead exemption in Tarrant County, you can contact the Tarrant Appraisal District.
Also, for further information concerning property taxes, exemptions, or any of your real estate needs in Fort Worth, Tarrant County, Parker County, Wise County, Denton County, and the surrounding areas, please don’t hesitate to contact me, David Pannell, at (817) 797-9047.
Trust the Experience of David Pannell and Cities Real Estate2024-01-26T07:42:58-07:002024-01-31T06:36:50-07:00David Pannelltag:citiesrealestate.com,2012-09-20:18901Client Story Review: Valentia RichardsonValentia Richardson sat at her kitchen table, surrounded by stacks of unopened mail and a growing sense of unease. It had been a tough year for her financially, and now she was facing yet another challenge—she was behind on her taxes on the house. As she sifted through the letters, one in particular caught her attention. The envelope was plain, without any distinct markings, but the words on the front caught her eye: "For a guaranteed offer."
Curiosity piqued, Valentia tore open the envelope and began reading the letter inside."I hope this letter finds you well," it began. "I wanted to share an exciting opportunity with you, as we are actively seeking properties and land in your area. If the prospect of a quick cash sale within 24 hours piques your interest, please read on."
Intrigued, Valentia continued reading, her eyes scanning the words that promised a smooth and hassle-free selling process.
"At our Cities Real Estate, we specialize in purchasing houses just like yours, offering a range of benefits that make the selling process smooth and hassle-free."
Valentia couldn't help but think about her current situation. She had been considering selling her house to ease her financial burden, but the traditional route had seemed daunting and time-consuming. This letter seemed to offer a different approach—one that might be exactly what she needed.<br /><br />The letter went on to highlight the key advantages of selling to this company.
"As-Is Purchases: You don't need to worry about making any repairs or renovations. We understand that every property has its unique charm, and we appreciate it in its current condition."
"Cash Payments: We pay in cash, eliminating the need for loan approvals and lengthy waiting periods. This ensures a seamless and expedited transaction, putting money in your hands quickly."
"Flexible Timeline: Whether you need to sell within two weeks or require more time to find a new place, we work according to your schedule. Our goal is to provide you with the freedom to transition at your own pace."
"No Commissions: By directly buying your home from you, we eliminate the need for middlemen and associated commission fees. The offer we present is the offer we stand by, without any unexpected changes."
The more Valentia read, the more she felt a glimmer of hope. <br /><br />Maybe this was the solution she had been searching for.
<br /><br /><br /><br />She took a deep breath, contemplating her next move. The letter had provided a contact number, urging her to call and discuss her options. Valentia reached for her phone and dialed the number, her heart pounding with a mix of anticipation and anxiety.
After a few rings, a warm voice greeted her on the other end of the line. It was the person who had sent the letter, introducing themselves as the representative of the company.
Valentia, feeling a sense of relief, shared her situation and expressed her interest in exploring this opportunity further. The representative listened attentively, assuring her that all their conversations were confidential and there was no obligation on her part.
Over the course of their conversation, Valentia learned more about the company's commitment to transparency and fairness. They explained how they would provide her with a guaranteed offer, which they would honor until the end, regardless of any fluctuations in their costs.
After the call, Valentia felt a weight lifted off her shoulders. She had taken the first step towards finding a solution to her financial struggles. The company's promise of a quick cash sale and their willingness to work according to her timeline gave her a renewed sense of hope.
As days turned into weeks, Valentia and the representative continued their discussions, exploring the possibilities and evaluating the value of her property. The process moved forward smoothly, and Valentia grew increasingly confident that she had made the right decision.
Valentia accepted our offer.<br /><br />Why Hire Cities Real Estate
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
sLet US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transitio
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2023-06-22T12:56:19-07:002023-07-18T08:37:43-07:00David Pannelltag:citiesrealestate.com,2012-09-20:18888The Heroic Triumph of Probate: Alex's Journey to VictoryIn Dallas Fort Worth, Alex found themselves trapped in a nightmarish probate process, burdened not only by the task of selling a decaying home but also by the unsettling emergence of four contentious family members. However, amidst the chaos and despair, a savior named Broker David Pannell emerged, ready to guide Alex towards triumph.
<img src="https://assets.site-static.com/userfiles/728/image/Probate/The_Heroic_Triumph_of_Probate_Alexs_Journey_to_Victory.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="350" height="525" />
<br /><br />Initially, the dilapidated house stood as a haunting reminder of neglected memories, its walls cloaked in cobwebs and dust. Alex, overwhelmed by grief and uncertainty, yearned for an escape from this tormenting ordeal.
Recognizing Alex's plight, David Pannell, a seasoned real estate professional, stepped forward as a beacon of hope. With unwavering dedication, David pledged to transform the dire situation and ensure a favorable outcome.
Undeterred by the looming shadows cast by legal complexities, David fearlessly ventured into the crumbling abode. Assessing the property with a discerning eye, he identified the necessary repairs and restoration work needed to restore its former glory. David swiftly assembled a team of skilled craftsmen, breathing new life into the desolate dwelling.
Simultaneously, the emergence of four family members threatened to unravel the progress achieved. Conflicting opinions and relentless demands threatened to undermine David's efforts and prolong the agony. However, armed with patience and diplomatic finesse, David became a mediator, diligently working to bridge the familial divides and foster unity. Days turned into weeks, and weeks into months, as David persistently sought to reconcile the differing agendas of the family members. Despite setbacks and frustrations, his unwavering commitment and professionalism propelled him forward. Slowly, a fragile truce was reached, as the family members recognized the value of finding common ground for the sake of their shared history.
With unity restored, David rallied his resources, meticulously coordinating the final steps required to bring the probate process to a close. Addressing legal intricacies and paperwork, he expertly navigated through the remaining obstacles.
Finally, the moment of triumph arrived. The house, now revitalized, attracted genuine buyers who were captivated by its renewed beauty and the history it held. Through skillful negotiation, David ensured that Alex received a fair and just price for their cherished property.
As the ink dried on the closing documents, a profound sense of relief washed over Alex. The nightmare had come to an end, and victory was finally within reach. Alex emerged from the probate ordeal with a newfound strength, forged by resilience and the unwavering support of David Pannell.
The once-bleak tale of probate had transformed into a heroic triumph, thanks to the resilience of Alex and the unwavering dedication of their real estate hero, David Pannell. Together, they defied the odds, conquering the shadows of despair and familial discord.
In Dallas Fort Worth, their story serves as a testament to the power of resilience, unity, and the invaluable guidance of a skilled professional. May it inspire others facing their own probate challenges to persevere, knowing that victory can be achieved even in the darkest of times.2023-06-22T08:09:29-07:002023-07-18T08:38:44-07:00David Pannelltag:citiesrealestate.com,2012-09-20:181332010 Flat Rock Road Azle Texas MLS 20322220The kitchen and dining areas are modern and spacious for enjoying home-cooked meals with family and friends. You’ll find that this home can have every contemporary feature you want, though you’ll fall in love with it just as it is.
The home is situated in the middle of the property, giving you a beautiful view of it as you come up the drive. It’s a custom-built home intentionally positioned to never be directly in the sun as it sets or rises, yet allows for plenty of sunlight during the day.
At night, you’ll love sitting by the pool and looking up at an incredibly starry sky, unblemished by city lights. The peace you’ll experience will wash over you and keep you coming back night after night. Standing on the second-floor balcony provides a stunning view of miles of open space and trees. As you look out, you’ll know that this slice of heaven on earth is entirely yours to enjoy.
Your new home will be as private and engaging as you can ever imagine, yet you’ll never feel like you can’t easily get to schools, shopping, medical care, and entertainment. You’ll be just 16 miles from Fort Worth and seven miles from downtown Azle, with its buoyant atmosphere. There, you’ll enjoy festivals and summer concerts in the park.
For families, Azle’s downtown library has been refurbished for the entire family to enjoy, and parents will be delighted with the excellent public and private schools located just a few miles from home. If you have preschoolers, you’ll be amazed at the number of daycare centers you can choose from.
No one can describe this home and property better than the current owners, who have raised a family there for over seventeen years. Let them share their true feelings about living there:<br /><br />2010 Flat Rock Road Azle Texas
If you love pleasant surprises, you’ll love your new home at 2010 Flat Rock Rd in Azle. What may start as a quest to find a peaceful, quiet life away from the downtowns and subdivisions of DFW will turn out to be so much more than you ever expected.
The first thing you’ll see as you drive up to the home is a beautiful, two-story non-traditional ranch home. It’s non-traditional in that it’s a two-story 3,200 square foot home that can best be described as feeling “ranchy,” but not feeling like you’re living on a working ranch, though there is plenty of room for livestock and horses on the spacious 8.4-acre property if you’re so inclined.<br /><br />“You don’t have to go on vacation if you live here; you can just go home.”
“We were just looking for a quiet home; all of the other things that we’ve enjoyed here were unexpected bonuses.”
“We’ll miss the deer, turkeys, and owls that visit us regularly.”
“This is much more than just a house; it’s the perfect balance of peace and convenience.” When asked what they would say to the new homeowners, they sum up their feelings perfectly when they say, “It has been a privilege to live here.”
To learn more about this chance of a lifetime, contact David Pannell, Owner/Broker of Cities Real Estate. David proudly served as a United States Marine, was a City of Arlington Police Officer, and is a devoted husband and father. You’ll find him to always act with integrity and help in any way he can. David can be reached at (817) 767-0020.
Thank you,
David Pannell
Broker Extraordinaire, U.S. Marine, All-Around Nice Guy<br /><br />Newer and/or Exclusive Items:
Fiber Optic Internet available (Frontier)
Water well pump motor replaced (04/2019)
Reverse Osmosis water system installed at kitchen sink (01/2021)
New Mini Split AC/Heat system in office above garage (5/2023)
New Pool Filter & Pump installed (01/2023)
Metal Roof installed (01/2017)
Gated entrance with cattle guard
Therma-Tru exterior doors
80 gal. water heater for 1st floor full baths
25 gal. water heater for kitchen, half bath & laundry
Agricultural exemption
Exclusion List:
Murphy Bed cabinetry and bed frame (negotiable)
Washer/Dryer
Freezers in Utility room and garage
Large wall mirrors at stair well & upstairs bonus room
Alabaster dining room chandelier and island pendant lights (already removed and replaced)
All pictures/paintings
All potted plants
Hay rings, bunk feeders and cattle panels
Ritchie water trough in east side pasture
2023-05-08T11:30:38-07:002024-01-15T17:05:40-07:00David Pannelltag:citiesrealestate.com,2012-09-20:16061What is Muniment of Title Texas ProbateWhen a resident or property owner in Texas passes away, their family often believes the traditional probate process is necessary. Fortunately, that’s not always the case. Under certain conditions, there are less expensive and more timely alternatives to probate. One of those alternatives is “muniment of title.”
Don’t be thrown by the word “muniment.” It’s just a fancy way of saying “evidence.” So, muniment of title means evidence of title. This means a will can be submitted to the court to confirm ownership of the property by the deceased, avoid probate, and have the property passed to the heirs in a matter of 30-60 days instead of the months or years it can take an estate to go through the probate process.
Essentially, it is a more straightforward way to establish the validity of the Will and pass title to the beneficiaries named in the Will.
When is Muniment of Title Used?
Muniment of title is generally only used when there are no debts of the estate needing to be paid, and there are no actions that would require the appointment of an executor or executrix.
A muniment of title should be considered when the estate has no unsecured debts, and the only assets involved are real property and cash accounts. However, it is not advisable to use it when the estate includes publicly traded securities, bonds, mutual funds, and similar assets because transferring these types of assets often requires an executor or executrix.
What is the Procedure for Muniment of Title?
Like the traditional probate process, an interested party must file an application in a court with jurisdiction over probate matters. In the Fort Worth metro area, the application should be filed in the Tarrant County Probate Court.
The application for muniment of title must state the following to the extent that each is known to the applicant or can, with reasonable diligence, be verified by the applicant:
Each applicant’s name and domicile
The testator’s (deceased’s) name, domicile, and, if known, age on the date of their death
The fact, time, and place of the testator’s death
Facts showing that the court with which the application is filed has venue
Facts showing that the testator owned property, including a statement generally describing the property and the property’s probable value
The date of the Will
The name and residence of any executor named in the Will
Each subscribing witness to the Will, if any
Whether one or more children born to or adopted by the testator after the testator executed the Will survived the testator and, if so, the name of each of those children
That the testator’s estate does not owe an unpaid debt, other than any debt secured by a lien on real estate
Whether a marriage of the testator was ever dissolved after the Will was made, and, if so, when and from whom
Whether the state, a governmental agency of the state, or a charitable organization is named in the Will as a devisee.
After receiving the application, the court will have a hearing on the will's validity. This is typically a short hearing, lasting 20-30 minutes.
If the court is satisfied the estate doesn’t owe an unpaid debt and there is no necessity for administration of the estate, the real property can then be quickly and easily passed to the heirs.<br /><br />Trust the Experience of David Pannell and Cities Real Estate
Owner/Broker David Pannell of Cities Real Estate has vast experience with real estate transactions involving various types of probate, including muniment of title. If you don’t have an advisor to assist you with the application, David will be happy to refer you to one in Tarrant, Parker, Wise, Denton, Dallas, or Collin County.
For more information, contact Cities Real Estate Broker/Owner David at (817) 797-9047.
David is a real estate professional you can trust. He’s been helping families with all types of property sales for over 20 years in DFW and has also served in the United States Marine Corps and as a City of Arlington police officer.
Disclaimer
Nothing in this article should be considered legal advice. It is solely for informational purposes. Nor does it substitute for consultation with a competent probate attorney.2022-12-08T07:57:52-07:002023-07-27T10:18:12-07:00David Pannelltag:citiesrealestate.com,2012-09-20:15817What is an Affidavit of Heirship Texas Title Probate LawAn affidavit of heirship is a legal document that can be used when someone dies without a will and their estate consists primarily of real property titled in their name. The affidavit is used to identify the heirs to the property.
The affidavit is filed with deed records in the county where the decedent’s real property is located. It does not transfer title to real property. Instead, it is evidence concerning the property.
Legally, the affidavit of heirship creates a clean chain of title transfer to the deceased’s heirs.
An affidavit of heirship should be signed by two disinterested witnesses. To qualify as a disinterested witness, the person must be knowledgeable about the deceased and their family history but cannot benefit financially from the estate.
Who can witness an affidavit of heirship?
The witnesses should not be an heir, related to the deceased, or have any interest in the estate. In Texas, they must swear, under penalty of perjury, to these conditions:
They knew the decedent
The decedent did not owe any debts
The true identity of the family members and their heirs
The person died at a specific place on a specific date
The witness will not gain financially from the estate
Ideally, a witness will have known the deceased for 20 to 30 years and know specific details about the spouse and children. Their signatures on the affidavit will carry substantially more weight than a recent or short-term casual acquaintance.
Let Cities Real Estate Help
At Cities Real Estate, we go above and beyond for buyers we represent.
If an affidavit of heirship is involved in the purchase of a property, our agency will pay the buyer’s fees to file an affidavit of heirship. We’ll also identify and locate potential witnesses to sign the affidavit if necessary.
For more information, contact Cities Real Estate Broker/Owner David Pannell at (817) 797-9047. David is a real estate professional you can trust. He’s been helping families with all types of property sales for over 20 years in DFW and has also served in the United States Marine Corps and as a City of Arlington police officer.
Disclaimer
Nothing in this article should be considered legal advice. It is solely for informational purposes. Nor does it substitute for consultation with a competent probate attorney.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-11-22T07:40:39-07:002023-07-27T10:38:13-07:00David Pannelltag:citiesrealestate.com,2012-09-20:15678Solar Panels - DisadvantagesWORD OF ADVICE from ME one of DFWs Top Producing Realtors... if you are considering leasing/buying Solar Panels for your, and the company is telling you it will add value to your … it is just NOT true!!! ITS A SALES PITCH (a deceptive business practice)… THERE IS NO VALUE ADD in TX!! In many cases adding Solar to your house in Texas can cause multiple negative issues when you go to resell the home, and in some cases make your basically unsellable. It can also cause issues with insurance and your out of pocket expenses.<br /><br />This statement has nothing to do with my personal views on whether I’m FOR or AGAINST the idea of Solar Panels, the above statement above is purely based on my experience & knowledge of the Texas Real Estate Industry/market. <br /><br />So before you make the investment into Solar Panels on your house please message me and let’s talk through the Pros & Cons of your specific situation. Not all situations and/or homes are alike and they should be assessed individually. A blanket statement that Solar will add value to your home is a down right, deceptive business practice! <br /><br />Let’s chat your investment goals!!
When you think about adding something to a home, make sure your neigbors have it too2022-11-13T09:29:52-07:002023-07-20T11:47:38-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13610Tarrant County Homeowners & Delinquent Property TaxesThe last few years have been extremely challenging for residents of Tarrant County. We’ve faced many challenges, from the onslaught of COVID-19, which began in March 2020 and continues to sicken county residents, to the ongoing negative impact of rampant inflation, which has spiked food and energy prices.
Because of the pandemic, many Tarrant County residents lost their jobs or had their hours at work dramatically cut back, making many homeowners unable to pay their mortgages and property taxes. Sadly, the rapidly rising cost of living has forced some families to choose between buying food and paying their mortgage and taxes.
Fortunately, there are steps property owners in Tarrant County can take to find out where they stand concerning their property tax payment status and rectify the situation. How Tarrant County is Helping Residents with Delinquent Property Taxes
As part of the American Rescue Plan, some Tarrant County property owners can apply for assistance with delinquent property taxes.
The program, administered through the Texas Department of Housing and Community Affairs (TDHCA), helps qualified homeowners avoid foreclosure associated with financial hardship during the ongoing Covid-19 pandemic. All information is submitted to, and approved by, TDHCA.<br /><br />Homeowners can apply for up to $25,000 to cover delinquent property taxes and mortgage payments. The funds can also be applied to eligible court costs, abstract fees, and other suit-related fees. Basic eligibility guidelines and required documents include the following:
Evidence of delinquency (delinquent tax statement, notice from tax attorney)<br /><br />
Late on one or more payments: property tax, mortgage, property insurance, HOA/condo fees<br /><br />
Household income at or below 100% Area Median Income (AMI) or 100% of the median income for the U.S., whichever is greater<br /><br />
Own and occupy a home in Texas as a primary residence with an existing homestead exemption in place with the Appraisal District<br /><br />
Experienced a qualified financial hardship after January 21, 2020 (lost income or increased expenses resulting from the pandemic)<br /><br />
Include an approved form of ID, driver's license, Social Security Card, Military ID, State ID, birth certificate<br /><br />
Verified income statement (W2, IRS Form 1099, tax return, pay stub, employer attestation)
<br /><br />The application process entails:
Homeowners can submit an application through the <a href="https://texas.mortgagereliefapp.com/content2/access/login">online portal</a>.<br /><br /><a href="https://texas.mortgagereliefapp.com/content2/access/login"></a>
Resources are available to assist homeowners with completing applications by reviewing comprehensive help documents within the application system. For additional assistance, contact the Call Center at 1-833-651-3874.<br /><br />
Applications are reviewed to determine whether the homeowner qualifies for program assistance. Check the status of your application here.<br /><br />
Once the homeowner's application is approved, payments are sent directly to the mortgage servicer or property charge payee (tax authority, insurance company, or HOA).
Required documentation includes:
Identification card, like a driver's license or Social Security card<br /><br />
Past Due Mortgage Statement, Property Tax Statement, Insurance Statement, and/or HOA Statement<br /><br />
Proof of occupancy, like a utility bill<br /><br />
Income documentation, like pay stubs or tax returns
<br /><br />For more information, go to <a href="https://www.texashomeownerassistance.com/" title="texas homeowners assistance">www.TexasHomeownerAssistance.com</a> or call 833-651-3874.
Non-Covid Related Property Tax Assistance in <a href="https://taxonline.tarrantcounty.com/TaxPayer/search" title="tarrant county taxes liens foreclosure">Tarrant County HERE</a>.
Tarrant County offers residents different payment options for property tax assistance. You can do the following:
Make your Tarrant County property tax payment in full when you get your bill.<br /><br />
Choose the Half Payment Option — you’ll pay two equal installments, one on November 30th and one on June 30th, without entering delinquency.<br /><br />
Select the Quarter Payment Option — you’ll pay four smaller payments, but it must be for your residence homestead (i.e., not a rental), and you must be eligible for an exemption.
2022-07-05T12:06:00-07:002022-11-16T11:18:16-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13521Veterans Estates Probate TexasIf the decedent was a military veteran, it's a good idea for you as the executor to look into death-related benefits for veterans immediately upon their death. Veterans are entitled to a number of death-related benefits, some of which relate to the actual burial service itself.
Notifications
If the decedent was a veteran receiving retirement pay, the Defense Finance and Accounting Service should be notified of the death as soon as possible since there are likely funeral and burial benefits available. Any ongoing retirement pay officially ends on the date of death, so payments made past that date will likely have to be returned. The executor (or anyone) can make this notification online or by calling 1-800-321-1080.
If the veteran was receiving disability compensation or a disability pension, call the Veterans Benefits Administration at 1-800-827-1000.
Regardless of pension status, you may also want to reach out to the VA Office of Survivor's Assistance to learn about possible benefits and get various processes underway.<br /><br />Proof of Military Service
Veterans include people who have honorably served in the US Army, Navy, Marine Corps, Air Force, Space Force, Coast Guard, and National Guard.
To obtain veteran benefits, you will likely need proof of the veteran's service, usually via a copy of the veteran's DD Form 214 (Certificate of Release or Discharge from Active Duty), or for National Guard members, their NGB-22 (Report of Separation and Military Service).
If you cannot find a copy of the veteran's DD Form 214, you can order a copy from the National Personnel Records Center using Form 180 (Request Pertaining to Military Records). Fax the form to 314-801-9195 or mail it to: National Personnel Records Center, 1 Archives Drive, St. Louis, Missouri 63138.
If you need an NGB-22, contact the state headquarters of the veteran's final service branch (see National Guard state website list).<br /><br />Burial in a National VA Cemetery
Most veterans (as long as they did not receive a dishonorable discharge) are eligible for burial in a national VA cemetery, which includes the following benefits:
A gravesite in a national cemetery that has available space Opening and closing of the grave A burial liner provided by the government A headstone or marker provided by the government Perpetual (ongoing) care of the gravesite
The VA provides detailed instructions for scheduling a burial, or you can call the National Cemetery Scheduling Office at 1-800-535-1117. Many executors simply have the funeral director handle these things (even if the decedent will be buried in a national VA cemetery, a funeral director still provides numerous helpful services).<br /><br />Burial Allowance
Regardless of whether the veteran will be interred in a national VA cemetery, the estate is also likely eligible for a burial allowance, which can help cover burial and funeral costs, including transportation of the decedent's remains. This allowance generally ranges from $300 - $2000 for most veterans, depending on specific circumstances.
You will need to provide proof of expenses you wish to cover, and the cost of funeral director services, including cremation, cannot be covered by this allowance. You can apply for a burial allowance online or by mail; there is a two-year time limit from the decedent's death if the death was not service-connected.<br /><br />Memorial Items
Veterans are also entitled to a burial flag and a Presidential memorial certificate. Each item has specific eligibility requirements (primarily that the decedent did not receive a dishonorable discharge), and you can apply for them by mail, fax, or in person at a regional VA office.
If the veteran will not be buried in a national VA cemetery, you may still wish to obtain the government-supplied headstone (or grave marker or medallion). If you use a private funeral director, they can help you obtain any of these items, which is usually the easiest approach.
Military Honors Ceremony
Veterans are also usually eligible to receive a military funeral honors ceremony, which includes folding and presenting the United States burial flag and the playing of Taps. Two or more uniformed military persons will attend the ceremony, with at least one being a member of the Veteran's parent service of the armed forces. You can ask your funeral director to arrange for this ceremony, or you can ask the VA directly if the decedent will be interred in a national VA cemetery.<br /><br />Questions concerning probate and real estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-06-17T10:36:00-07:002023-07-27T10:50:28-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13519Obtaining Past Tax Returns Probated Estate TexasA decedent’s recent tax return(s) can help you discover assets and debts, and file any current tax forms.
If you can’t find a recent return in the decedent’s personal papers or files, you can usually obtain one from their former CPA or tax attorney.<br /><br />Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />You can also request previous returns from the Internal Revenue Service by following these steps:
Download and complete IRS Form 4506 (Request for Copy of Tax Return)
Prove you are the executor by including a copy of your court-approved "Letters Testamentary," or if there have been no court proceedings, include IRS Form 56 (Notice Concerning Fiduciary Relationship)
Include a death certificate, and the required IRS copying fee
Mail the documentation listed above and expect a response within several weeks
<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-06-10T08:21:00-07:002023-07-28T08:05:10-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13518Official Signature Probated Texas EstatesYour official signature depends on your specific role.
For example, if your name is Bradley C. Roberts, and the decedent was your father, Alexander M. Roberts, you would sign as follows:
Executor: “Bradley C. Roberts, Executor of the Estate of Alexander M. Roberts, Deceased”
Personal Representative: “Bradley C. Roberts, Personal Representative of the Estate of Alexander M. Roberts, Deceased”
Administrator: “Bradley C. Roberts, Administrator of the Estate of Alexander M. Roberts, Deceased”
Trustee: “Bradley C. Roberts, Trustee”
<br /><br />Notarization
You may be asked to have your signature “notarized,” which means having a local notary public stamp the document with their seal, indicating you provided proof of your identity (using a driver's license, passport, etc.) when you signed the document in their presence. Be sure not to sign the document until you’re in front of the notary.
Many postal shops will notarize signatures (Mailboxes Etc., UPS Store, etc.), and many “mobile notaries” can be found online and will come to you to witness your signature. Either way, the process is simple and usually costs $10-$20.<br /><br />Medallion Signature Guarantee
If you need to deal with individual stock certificates and some other documents, you may be required to get a “medallion signature guarantee.” This requirement is more challenging to satisfy than simple notarization because the person providing the guarantee becomes responsible for covering the entire value of the asset if there’s a problem with your claim. Consequently, few people offer this service.
A local bank where you’ve been a long-term customer might provide a medallion signature guarantee for you. As uncommon as the service is, many providers don’t charge you for it. Additional information on medallion signature guarantees can be found on the U.S. Securities & Exchange Commission website.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-06-02T07:27:00-07:002023-07-28T08:27:24-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13516Notifications Probated Estates In TexasTypical notifications include:
Banks
Brokerage accounts
Businesses and partnerships
Close friends and family
County probate court
Credit card companies
Credit reporting agencies
Creditors
Department of Motor Vehicles (DMV)
Extended circle of acquaintances
Employer & any pension providers
Heirs
IRAs and other beneficiary accounts
Internal Revenue Service (IRS)
Landlord
Lawyer
Leasing companies
Life insurance companies
Medical providers
Membership organizations
Newspaper and other subscriptions
Post office
Service providers
Social Security Administration (SSA)
Trustees
Utility companies
Veterans Affairs (VA)
Voter registry
While some notifications can be made informally, others may require specific methods of contact, ranging from phone calls to notarized letters to public notices published in newspapers.
It’s critical for you to follow the creditor notification timelines in your state. Failure to follow these statutes may result in the estate owing money it shouldn’t have, which could result in you being held personally responsible for those debts.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.<br /><br />If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br /><br /><br />As an executor
There are many people and organizations you’ll need to notify about the estate owner’s death, some of which are time-sensitive. For example, you usually have up to thirty days after the death to notify the court and present any will.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-05-31T05:50:00-07:002023-07-28T08:56:05-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13508Funerals, Probate, Estate Planning Fort Worth Texas Although it’s not a legal responsibility, the executor often arranges the decedent’s funeral. There are many online and offline resources to help you arrange a funeral, but here is some guidance to get you started.<br /><br />Enlist Help
There is no reason for you to handle all of the final arrangements by yourself; ask family and friends to help. If the decedent was a veteran, there are additional resources online that can provide guidance.<br /><br />Burial or Cremation
If the decedent had stated a preference between burial or cremation, you should do your best to honor their wishes. However, if you’re unsure of their preference, check the will, or search their personal papers for a durable power of attorney for health care document, a document sometimes called “Final Arrangements,” or anything written pertaining to prepaid arrangements.
Burial: Traditional burial is more expensive and involved than cremation, but a funeral home or mortuary can professionally guide you through the process. Expect final expenses, including the funeral and burial, to conservatively cost $10,000 or more, depending upon how elaborate the ceremony is and how expensive the casket and burial plot are.
Cremation: Cremation has become much more commonplace, with almost half of all final arrangements in the U.S. being handled this way. This is because of the much lower cost of cremation, which can cost under $1,000 if you don’t purchase an expensive urn or rent a casket for a pre-cremation ceremony.
Along with price, another benefit of cremation over burial is rather than rushing to hold an immediate service and bury the deceased, you can hold a memorial service instead at the family’s convenience.
There are several websites that can compare costs in your area, such as funeralocity.com.<br /><br />Payment of Final Expenses
Typically, the executor or another relative will pay funeral expenses upfront and later be reimbursed by the estate once the executor has access to estate funds. However, in some cases, funeral homes and other final services providers will delay any payment due until the estate pays or a life insurance company pays a death claim that has been filed.
In cases where the estate is insolvent (owes more than it’s worth), the law gives final expense payment a high priority, along with paying taxes and probate fees.
If the decedent was a U.S. military veteran, you might be able to get financial assistance with the funeral, burial plot, or other expenses. You can find information about this on the Department of Veterans Burial Benefits web page, or by calling Veterans Affairs at (800) 827-1000 or your local veteran's agency.<br /><br />Obituary
As part of handling the funeral arrangements, you may wish to publish an obituary in a local newspaper, which they, in turn, will publish on their website. The funeral home you’re using can assist with this, or you can find the appropriate newspapers yourself at Legacy.com.
<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in Tarrant, Denton, Parker, Wise, Collin, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a Unites States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David Pannell</a> today at (817) 797-9047.2022-05-26T12:54:00-07:002023-08-22T09:58:47-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13497Dealing With Heirs for a Probated Estate in TexasAnytime property and/or money is involved, there can be some sensitive dynamics. As an executor, you can encounter this whether you’re a member of a close-knit family of heirs or you’re a professional attorney. However, there are a couple of things you can do to keep heirs calm and patient when you’re handling an estate.<br /><br />Keep Heirs Informed
As the executor, you have little obligation to coordinate and cooperate with heirs. However, it’s in everyone’s best interests if you keep them informed of the overall situation, including major decisions, expected timelines, asset distribution allocations, etc.
Of course, you may still encounter some unexpected turbulence. No matter how good your communication is, rifts can develop between heirs and executors because of stress.
Unfortunately, a bad situation can escalate, especially when heirs don’t know what is happening and start to imagine the worst. Stories abound of family members that stopped speaking to each other for years (or forever) or sued each other or the executor when miscommunication led to things spiraling out of control.<br /><br />Optimize Asset Distributions
Even though the will may contain specific bequests that you’re obligated to do your best to honor, as executor, you have significant freedom in dealing with estate assets. For example, you may have to sell some assets to pay estate debts, or you may choose to sell some assets simply to make it easier to distribute the proceeds, such as selling a car so you can split the cash between multiple heirs.
When the time comes for you to distribute specific assets, you have considerable leeway in deciding who gets what, as long as you don’t discriminate and the total value distributed matches the amounts or percentages specified by the will or court.
Of course, heirs will often have preferences concerning these decisions, and it’s best for everyone if you do your best to accommodate their wishes (when reasonable and possible). For example, if an heir has their heart set on their mother’s wedding ring, it would be better to sell a less desired asset if you need cash to pay a debt.<br /><br />Legal Protections
As long as you act reasonably and honor your fiduciary duty, you are reasonably well insulated from personal lawsuits. However, disgruntled heirs sometimes sue the estate, so keeping them as happy as possible is in your best interest.
If you feel the need, a lawyer can help you deal effectively with heirs by explaining complex situations with authority, presenting bad news, or simply serving as a buffer between you and any contentious heirs or issues. A lawyer can also help ensure you don’t violate any laws during the distribution process.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?2022-05-19T10:50:00-07:002022-06-30T08:18:19-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13496Asset Cost Basis with Probate in TexasThe amount of money an owner paid to acquire a given asset is called its “cost basis.” Typically, taxes are due on the difference between the sale proceeds and the cost basis when an asset is sold.<br /><br />Step-Up in Basis
Most assets enjoy a “step-up” in cost basis when the owner dies, meaning that the heir receiving the asset will be able to report a cost basis equal to its value on the date of the owner’s death, not what it originally cost the decedent.
For example, if Betsy inherited stock valued at $10,000 on the date of the owner’s death, she will only owe taxes on any gains above that amount when she sells it, even if the previous owner only paid $5,000 for it.
The step-up in basis also works in reverse. Heirs can take credit for losses on assets sold for less than their value on the owner’s date of death.<br /><br />Tax-Deferred Accounts
Tax-deferred accounts, like standard IRAs and 401Ks, enabled the original owner to contribute “pre-tax dollars” during their lifetime, which then grew tax-deferred. When this money is withdrawn, it is taxed as income, effectively having a cost basis of $0.
However, if the original owner contributed after-tax money to a standard IRA (non-Roth), part of the withdrawal can be considered as cost basis, effectively lowering the amount of tax due.
No taxes by heirs are due on withdrawals from Roth IRAS, as long as the heir follows all of the IRS’ rules and the decedent owned the Roth IRA for at least five years.<br /><br />Annuities
An annuity is a financial product that pays out a fixed amount of income every month or year. Unfortunately, annuities don’t qualify for the step-up in cost basis like most other assets.
A “qualified annuity” is funded with pre-tax dollars. Every dollar it pays out is considered income, meaning it has a $0 cost basis.
A “non-qualified annuity” is funded with after-tax dollars; its cost basis is the amount that was deposited into the annuity.
While annuity cost basis is straightforward, the timing of tax obligations can be more complex if the payout from a "Non-Qualified Annuity" is not taken in a lump sum but is instead taken in multiple payouts over time. If the estate or the heir receives periodic (e.g., monthly) payouts, only the percentage of each payment that comes from earnings is usually taxable.
If the annuity’s payouts are non-periodic, the IRS typically treats each payout as taxable earnings until all earnings have been distributed. After that, payouts are treated as a return of the purchase amount and are therefore not taxable.<br /><br />Cash
The cost basis of cash is the cash itself since you technically can’t have a gain or loss on cash.
Cash held in a “deposit account” like a bank savings account is treated the same as most assets: the cost basis is the account value at the time of death. Any subsequent interest earned is potentially subject to being taxed.
Foreign currency should not be considered the same as cash. Any realized gains or losses due to exchange rate fluctuations must generally be reported as income. Seek the advice of a tax professional if your estate includes sizable amounts of foreign currency.<br /><br />Assets Purchased by the Estate
If an estate purchases an asset during the settlement process, the asset's purchase price is its cost basis.
Additionally, as executor, if you sell an asset for the estate, you’ll need to report any gains or losses (compared to the cost basis) on the estate’s tax returns.
Provide heirs with any information you have on an asset’s cost basis, but remember that it’s their responsibility to assign the proper cost basis of an asset when they eventually sell it.
If you’re the executor of an estate worth millions of dollars and that estate will owe federal estate taxes, you have an option to establish an Alternate Valuation Date for the assets. A professional tax advisor can assist you with this.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-05-12T10:08:00-07:002022-06-23T10:44:27-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13492Finish Line Probate in TexasAfter you’ve resolved the estate’s debts, paid any applicable taxes, funded your compensation, and distributed the estate’s remaining assets, you’ve fulfilled your responsibilities as executor. However, there are still several things you need to consider.<br /><br />Tax Returns and Reserves
Since tax agencies can, and sometimes will, review your submission and decide you owe additional amounts, it’s a good idea to keep some cash in reserve, just in case. You can still make the bulk of the estate distributions if you’re confident that the estate settlement has been done correctly.
If you were the executor for a substantial estate and needed to file a federal Form 706 and/or its associated state forms, you’ll also need to obtain tax clearance letters from the agencies you filed with, stating there are no outstanding tax issues. This can take six to nine months from when you submit the return.<br /><br />Trust Termination
Trusts terminate according to a defined termination date, such as the death of a beneficiary or the date the beneficiary attains a stated age. If you are both the estate executor and the trustee for an associated trust, you don’t have to wait for the trust to terminate before closing the estate.
Probate Final Accounting
If the estate has gone through an official probate process, you must submit, and get approved, a “Final Accounting,” which provides details on how you handled estate assets, what income the estate generated, if there were any losses, how much you paid each creditor, and how much you distributed to heirs.
Probate Closing Statement
After the estate has completed the probate process, if it was necessary, the final step is to submit a “Closing Statement” for approval. This document states that you’ve resolved all debts, paid all taxes due, and distributed the net proceeds of the estate appropriately.
Close Down the Estate Account
At this point, there should be little, if anything, left in the estate other than perhaps the estate bank account you opened. If you haven’t already closed this account when you distributed the proceeds, now is the time to do so.
File Final Form 56
If you filed a Form 56 with the IRS when you became an executor (or at any other time), you should now file another Form 56, officially notifying the IRS of the termination of your responsibilities.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-05-05T08:17:00-07:002022-06-25T06:23:20-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13491Common Executor Mistakes Probate TexasAs an executor, you’ll have many duties to perform and many decisions to make. But, in addition to being an executor – you’re also human. This means you might just make a mistake or two.<br /><br />To help you avoid doing that, take note of some of the most common mistakes executors make.
Showing favoritism – as executor, you have a fiduciary responsibility to act in accordance with the best interests of the estate, not yours or a loved one’s. Always do your best to treat everyone fairly and equally.<br /><br />
Forgiving debts – although one of the heirs may owe the decedent money, you don’t have the legal authority to cancel any debts, out of fairness to the other heirs.<br /><br />
Making distributions too soon – you may be tempted to distribute assets too soon, especially if you’re under pressure from one or more of the heirs. Remember, all debts must be settled and taxes paid before general distribution to heirs begins.<br /><br />
Limiting communications – keeping heirs informed about the estate settlement process and the progress being made along the way can help reduce suspicion and anxiety, making your work go smoother and easier.<br /><br />
Not providing notice of death – publishing a notice of death protects you from liability and enables the estate to wrap up quicker because these publications reduce the time creditors have to make claims. All creditors must be notified of the death, given instructions on how to contact you, and told when the deadline to do so is.<br /><br />
Paying bills too quickly – while it’s necessary to pay small bills, like utility bills, as soon as they're received, hold off on paying other bills until you have a complete handle on the estate’s finances. You never know when a big tax bill with a higher priority will appear unexpectedly.<br /><br />
Overlooking valuable assets – take time to find and value all estate assets. Don’t miss things like bank accounts, valuable collectibles, or unclaimed pensions.<br /><br />
Playing the market – your duty as the estate’s executor is to protect assets and manage them prudently. Use your best judgment. If the estate is going to take a long time to settle, you likely won’t be held liable for investing cash in a conservative mutual fund, but it may prove costly for you if you lose estate money in penny stocks or foreign currency exchanges.<br /><br />
Not protecting property in vacant homes – be sure that all assets in a vacant home are protected by insurance, just as you would if the house was occupied. Most homeowner’s policies don’t cover property left in vacant homes.<br /><br />
Failing to act – don’t forget about important deadlines for certain tasks, and that you have an obligation to settle the estate in a reasonable timeframe. If you’re overcome with grief or just overwhelmed by the situation, you can step down voluntarily. If you continually fail to act, the court or heirs may initiate an attempt to replace you.
<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-30T07:10:00-07:002022-11-17T09:15:38-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13490Making Distributions for Texas ProbateOne of your primary duties as the estate executor is to distribute cash or assets to heirs according to the instructions in the will.
Making distributions is done after estate debts are resolved, and any taxes due are paid.
Before you make any distributions to heirs, write out an overall estate settlement plan that details how you will resolve debts, which assets you’ll sell, which assets will be distributed directly, which heirs will receive which assets, etc.
Your goal is to pay all debts and taxes, then distribute 100% of the estate's remaining value, with each heir receiving their correct share. Many executors have found it easiest to use this order:
Step 1: Identify assets with named beneficiaries: define the distribution of assets you have no control over because beneficiaries have been assigned (i.e., life insurance policies, 401Ks, etc.).<br /><br />
Step 2: Account for family entitlements<br /><br />
Step 3: Allocate bequests<br /><br />
Step 4: Prepare for debt resolution: make sure you have enough cash to resolve debts. Make plans to sell assets, if necessary.<br /><br />
Step 5: Mark assets for sale or distribution<br /><br />
Step 6: Allocate distributions
If the estate does not have the cash to resolve all debts, even after liquidating all available assets in Step 5, review earlier steps in an attempt to satisfy estate creditors since debts generally have precedence over other estate claims.
State law determines which debts have priority over other debts. Some debts (i.e., funeral and burial expenses) often have priority over family entitlements, which is especially relevant for an estate that can’t pay its creditors.<br /><br />Named Beneficiaries
Certain items that have named beneficiaries don’t pass through a will, including life insurance, property held in joint tenancy, community property with the right of survivorship, funds in an IRA or 401K, stocks held in a transfer-on-death account, etc.<br /><br />Family Entitlements
Many states offer optional entitlements to a surviving spouse and/or children. These entitlements usually have precedence over debt claims, except funeral and estate administration expenses. Family entitlements even come before distributions named in the will.
Typical entitlements include personal property exemptions, a homestead, a family allowance, and sometimes a surviving spouse elective share.<br /><br />Specific Bequests
The decedent’s will may specify that certain assets or dollar amounts be distributed to certain heirs. These bequests are usually attended to before dealing with the residuary estate, in which percentages of the remaining estate are allocated to the appropriate heirs.
However, not all bequests can be honored – the asset may no longer be part of the estate, the bequest may conflict with local law, or the asset may need to be sold to pay estate debts.
The process of reducing bequests is known as “abatement,” and any required reductions are typically made proportionally to the recipients.<br /><br />Residuary Percentages
As is usually specified in the will, each heir should receive a percentage of the residuary estate after all debts and obligations have been satisfied and any bequests have been handled. For example, if the will states that Jean should receive 40% of the residuary estate and the estate is valued at $300,000, Jean is entitled to $120,00 worth of assets and cash, and all of the defined distributions to Jean should add up to $120,000.
Debts of Heirs
In some cases, a decedent may pass away with an heir(s) owing them money. As the estate’s executor, you don’t have the legal authority to simply forgive these debts. The heir to whom the money was lent can either directly repay the estate the amount owed, the loan amount can be distributed as an asset to another heir, or a portion of the inheritance that heir would have received may be withheld.
For example, if Martha owed the decedent $10,000 when they died, and Martha is entitled to $50,000 in distributions from the estate, you can distribute the difference of $40,000 to Martha and mark the $10,000 debt as being repaid.
Charitable Donations
As executor, you don’t have the legal right to give items of value to any charity unless authorized by the will or the court.
Require Receipts from Heirs
It is an excellent practice to require all heirs to sign a receipt for any distribution they receive. When making final distributions, it’s also wise to have that person sign a document (preferably prepared by an attorney) stating that they approve of your actions as executor and confirm that they have received everything due them.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-28T06:36:00-07:002022-06-23T06:55:55-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13487Determining Heirs For Probate in TexasAs the executor, you are responsible for appropriately distributing the net estate to the rightful heirs, who are typically clearly identified in a will, making this a simple task.
There are several overlapping terms used to refer to people who receive an inheritance from an estate:
Heirs: usually someone who is related to the decedent and would normally inherit from the estate, even without the presence of a will.
Devisee or Legatee: someone named explicitly in the will. Historically, a devisee inherits real estate, and a legatee inherits personal property, including cash.
Beneficiary: someone who will inherit from an estate, but also used for asset classes that bypass probate (such as life insurance) and go directly to the person named.
If an heir dies after the decedent, but before asset distribution, that heir’s estate simply inherits whatever the heir would have inherited.
If an heir dies before the decedent, the following rules apply in priority order:
If the will names an alternate recipient, then the alternate receives the inheritance instead.
If the recipient was not specifically named but was instead simply part of a group (i.e., "my children"), then the group's remaining members split the inheritance among themselves.
Some wills specifically state that any bequest to a pre-deceased person should instead become part of the residuary estate and thus be distributed to the residuary heirs along with everything else.
Otherwise, the particular state's "anti-lapse" laws may apply, generally assigning the inheritance to the dead heir's blood relatives, in a specific order of priority. If you are uncertain who should inherit in this case, you may want to speak to an estate lawyer.
If none of the above conditions are met, then the property becomes part of the residuary estate and is distributed to the residuary heirs along with everything else.
If there are no surviving residuary heirs and the state's anti-lapse statute did not apply (perhaps because there were no qualified blood relatives of the deceased residuary heirs), then the residuary estate is distributed according to the state's laws of intestate succession (as if there were no will).
<br /><br />If There Is No Will in Texas Probate
If no will exists, the estate is then considered “intestate,” and assets must be distributed according to state law in the decedent’s legal state of residence. As executor, securing the services of an attorney isn’t required, but it can provide reassurance that you’re doing things correctly.
If an estate is intestate, generally only the spouse and blood relatives will inherit assets; an unmarried partner and friends don’t get anything. If there is no surviving spouse or children, grandchildren will typically inherit. However, if no direct descendants exist, the estate “escheats” to the state, meaning the government gets to keep the property.
The disposition of real estate owned somewhere outside of the decedent’s legal state of residence must be inherited according to the laws governing that jurisdiction.<br /><br />Charitable Donations
As executor, you don’t have the legal authority to make charitable donations unless explicitly authorized by the will. However, when authorized, you should treat such donations similarly to all other bequests and distributions, subject to any specific instructions in the will. Essentially, the charity becomes one of the “heirs.”
Other Complicating Factors
In many states, if the decedent’s will leaves anything to a spouse who the decedent divorced after making the will, those bequests will automatically be invalidated.
If an heir caused the decedent’s death, most state laws bar that heir from inheriting anything to prevent them from profiting from a crime.
Some states bar adulterous people from inheriting, and other states bar people from inheriting anything from a child they abandoned.
As an executor, if you think extenuating circumstances exist for your estate, you should research the issue or consult an attorney before distributing estate assets.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-21T17:53:00-07:002023-07-13T10:07:31-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13478Paying Taxes Probated Texas CourtsAn executor has many duties, including paying taxes (sometimes multiple kinds of taxes), and there are various required IRS forms required when paying those taxes. Here’s a breakdown:<br /><br />Decedent Income Tax Returns
As executor, you are responsible for filing personal income tax returns for the decedent. These returns are due on the same date everyone’s personal income tax return is due (typically April 15th) and must be submitted by the due date in the year after the decedent’s death. The final tax return will cover the preceding year until the date of death, after which the estate becomes responsible for its own taxes and must submit its own return.
IRS publication 559 provides instructions for filing decedent income tax returns. You can also use tax software like TurboTax or employ the services of an accountant for guidance.
If the decedent had not yet filed tax returns for any years before their death, you are also responsible for filing those tax years by their regular due dates. However, if they did file a return for that year and are due a refund, you can collect it by filing IRS Form 1310.
Filing considerations:
Minimum income: a tax return only needs to be filed if the decedent’s earnings exceeded the minimum amount set by federal and state law.
Medical deductions: if the decedent incurred significant medical costs the year they passed away, you may be able to deduct many of those expenses. To qualify, the decedent must have paid those expenses before they died, or the estate must pay them within one year of death.
Surviving spouse: if the decedent is survived by a spouse who has not remarried, the final personal income tax filing may be made as a joint return, which usually lowers taxes compared to filing individually. Under certain circumstances, the surviving spouse may be able to continue filing joint returns for an additional two years.
Revocable living trusts: any income received during the portion of the tax year the decedent was alive should be reported on the final income tax return. Once all owners of a revocable trust pass away, the trust converts to an irrevocable trust. It is then considered a taxpayer and is responsible for filing its own tax returns going forward.
<br /><br />Annual Estate Income Tax Returns
If an estate earns over a minimum amount (around $600), it must file a federal IRS Form 1041 in the year it earned the income. You’ll also need to file the corresponding state form if you file a federal form.<br /><br />Annual Property Taxes
If the estate contains real property, any relevant property taxes must be paid by you until the property is either distributed or sold to the heirs. Property taxes are often due in two installments during the calendar year, although due dates vary widely by jurisdiction.<br /><br />Annual Trust Tax Filings
After death, income from a living trust begins accruing for the benefit of trust beneficiaries, and the trust must report any income it distributes. Any income not distributed in a given year must be handled via the trust’s own federal and state tax filings. Bear in mind that managing a trust is the responsibility of the trust trustee, not the estate executor.
The “Big Estate” Tax
If the gross estate value exceeds a specified amount ($12.06 million in 2021), federal estate tax Form 706 is required. Filing the form doesn’t mean the estate will owe any taxes since taxes are calculated on an estate’s net value. “Big Estate” tax payments can become very complex. Using the services of an estate tax attorney and CPA is advised.
Inheritance Tax
An inheritance tax is levied on amounts distributed to individual heirs. There is no federal inheritance tax, but several states enforce their own inheritance taxes (there are no inheritance taxes in Texas).<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Cities Real Estate
Whether buying or selling a home, it is our goal to make this important event a positive and enjoyable experience. We are committed to providing you with personal attention accompanied by courtesy, respect and professionalism.
David Pannell's Team is a top producing real estate team in the Fort Worth Texas. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the home buying and selling process. We focus on detailed systems and aggressive negotiating strategies to get our clients the best results every time.
<a href="https://www.citiesrealestate.com/buyers/" title="Thinking about buying a home">Thinking about buying a home?</a> You have found the best search engine to do just that. In addition, our team will get you priority access to all the best deals the moment they come on the market…. and in this competitive market you have to have that sort of access to nail down a great deal! If you are looking to sell your home we specialize in getting our clients maximum exposure and top dollar every time.
Our aggressive marketing systems are proven and will net you more money vs your traditional real estate marketing plan. Congratulations on finding a top performing team in the area that is focused on your success! Happy home buying and selling! <a href="https://www.citiesrealestate.com/about/" title="David Pannell Real Estate Broker">David Pannell's Team</a>
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-04-14T10:17:00-07:002023-07-13T10:07:47-07:00David Pannelltag:citiesrealestate.com,2012-09-20:3804A Fish Story - Avoid Over Pricing At All CostsHow Flattering
Is it to receive a generous estimation of the value of something you own? That jacket must’ve cost you $700! How did he ever pay for such an expensive engagement ring? Those kinds of compliments make most people beam with pride. A classic car, lovingly restored, antique heirlooms, and even sports memorabilia fetch top dollar at auctions every day. Surely a home is no different.<br /><br />They Were Dazzled
When Dan and Julie* decided to put their home on the market, they were dazzled by the $339,000 price tag a realtor suggested to them. Finally, a professional that recognized the value of Dan’s meticulous landscaping, Julie’s fabulousdecorating touches, the countless weekend DIY projects, and superb housekeeping. None of the other realtors they had talked to had any appreciation for these things. Excited and flattered, they signed a contract with the agent and began eagerly researching a home to buy with the even bigger equity they would soon net after closing. Every day, they worked hard to keep their beautiful home in “show-worthy” condition, perfect and polished. At first, most weekends were devoted to open houses and showings, with Dan and Julie disappearing for hours while potential buyers traipsed through.
And it sat there. (Insert sound of crickets here)
Spring and summer faded to autumn, cooler weather, holidays and a slower real estate market. Along the way, they agreed to periodic price reductions, dropping the listing price to $332,000, then $325,000, then $319,000. Showings were rare, at best, and by this point and the frustration of months of living in “sell mode” was beginning to take its toll. Other properties in their subdivision were listed and sold, some within days or weeks, and their wonderful home languished stale on the MLS month after month. *Not their real names
So what went wrong?
Dan and Julie were victims of the shiny, sparkling lure of overpricing. Their realtor rolled out a dazzling, shiny top dollar price tag, higher than had been previously suggested to them by other agents they had interviewed. Appealing to the owners’ pride, sentimentality, and desire for maximum equity, some realtors will utilize this tactic to coerce the homeowner to sign with them. Like slick game show hosts, they entice the seller to make a poor decision because of the chance of a big win. The reality is that where there is a lure, there is a hook. And as you drop your price every few weeks, you are still paying your mortgage, insurance, HOA dues, maintenance, utilities, etc., etc., etc. More equity is whittled away with every turn of the calendar page. And that’s not all. The stigma of a stagnant
listing brands your house as undesirable. Like the leper among the healthy houses. Brokers and realtors may steer clients away from your listing. After all, it’s been on the market 284 days, so something MUST be wrong with it.<br /><br />So what happened with Dan and Julie?
When their contract expired for the third time, they kept their home off the market for a few months, relisted with a different agent, pricing the home at $292,000 and got their asking price about five weeks later. All told, however, it was more than a year wasted because of a crucial error at the beginning of the process. In today’s market, the “aim high and drop the price later” strategy costs time, money, and aggravation. The simple fact is that the longer your home sits on the market, the lower the offers you receive. Buyers see you as becoming desperate, and see the house as a lemon- a money pit. It does not matter if these things are true; it is their perception that costs you. Correct home marketing is like shooting fish in a barrel!<br /><br />4. Have you had a nibble on the line?
If weeks and months have gone by without a single offer, you should review your price. Most sellers get a little tug on the line now and then.
As a seller sitting on an overpriced home, you might ask yourself, “Why doesn’t someone just make me an offer? “ You budgeted in some wiggle room, after all! The sad truth is that you have spooked your potential buyer, like the kid who throws rocks in the water where you are fishing. In the case of Dan and Julie, most buyers home shopping in their area were qualified for $299,000 or less and didn’t want to waste time with a listing that was $40,000 out of their league, especially since there were lots of other fish in the sea. Those that did bother to tour their home were not prepared to insult the seller with a lowball offer. Many lookers erroneously assumed that offers had been made and rejected, further discouraging a negotiating initiative.
It has been estimated that up to 70% of homes listed are initially overpriced, requiring one or more reductions before they eventually sell. Statistics also indicate that of the overpriced listings that do end up selling, the average sales price is only 87% of their original asking price. Even more disturbing, these stagnant homes languish on the market for an average of 120 days. A correctly priced home, on the other hand, averages 45 days on the market with an average selling price of 97% of the original list price.<br /><br />1. How do you know if your home is overpriced?
Pricing is not comparable to the other listings in your neighborhood. A trustworthy real estate professional will recommend a fair market price that has been established by expert analysis of comparable sales in your area. The process of selling a home is serious, and a whimsical spin-the-wheel pricing approach is folly. Your home must be priced in the same ballpark as similar ones in your neighborhood.
2. Pricing based on irrelevant factors.
When considering pricing your home for sale, did you try to factor in expensive repairs and upgrades? Big mistake! The ten grand you forked over for all new light fixtures, a new A/C system, and added insulation will not increase your home value dollar for dollar. The buyer might hate your fixtures, not care about energy efficiency, and the air better work, or he will ask you to knock thousands off your price if he is even still considering buying. Your stack of receipts does not impact a fair market price.
3. Has the phone stopped ringing?
The showings have slowed to a crawl or none at all. A lack of “buzz” is a bad sign.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-12T14:52:00-07:002022-06-30T06:48:08-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13472Resolving Debts For Probate in TexasResolving Debts
As an estate executor, resolving a debt means paying it off or otherwise addressing it, so the estate no longer owes anything related to it. For your protection, you should resolve all debts before distributing any assets to heirs unless the estate’s assets are clearly worth more than its debts.<br /><br />Debt Validation
If a creditor fails to contact the estate within the local state regulatory deadline, which is typically three to nine months following the publication of a probate notice, the debt is barred, and the estate is no longer legally obligated to pay it.
Note that not all apparent debts are valid. You may be contacted by dishonest parties seeking to defraud the estate or even by legitimate organizations with poor record-keeping practices. Make sure that the decedent actually owed the payment being requested and that the debt hasn’t already been paid.<br /><br />Family Entitlements
Although debt resolution usually has priority over distributions to heirs, there are some state-specific restrictions and entitlements that protect a surviving spouse and children. Typical entitlements include personal property exemptions, a homestead, a family allowance, and sometimes a surviving spouse elective share. As executor, be sure to subtract any such priority entitlements from the estate before paying debts owed.<br /><br />Debt Payment
Eventually, the estate will have to pay all of its valid debts unless the estate owes more than it’s worth, in which case not everyone will be paid the money they are owed.
In some cases, it may be necessary for the executor to sell certain assets to raise cash for debt payments. As executor, try to avoid selling assets that the will specifically bequeaths to certain heirs. Develop a plan before selling off assets piecemeal.
Pay special attention to medical debts. The estate must pay these within one year of death to be able to deduct them on the decedent’s final income tax return.
Small debts should be paid as they come due, such as utility bills.<br /><br />Tax Liability
As executor, you must be aware of IRS Publication 559. It states that the executor of an estate that is unable to pay a tax liability of the decedent is personally responsible for those taxes if they had notice of such tax obligations or failed to exercise due care in determining if such obligations existed before distribution of the estate’s assets and before being discharged from their duties.
Federal tax debts are considered senior to most other debts. The executor is personally liable for any unpaid taxes of the decedent up to the amount of any debts the executor did pay.
The courts have acknowledged that funeral expenses, estate administration costs, and some family entitlements do have priority over the payment of taxes.<br /><br />Insolvent Estates
An estate that owes more than it’s worth is considered “insolvent.”
If the estate you are the executor of is insolvent, there are several legal statutes governing who should be paid out and how much they should be paid. Details vary by state, but in general, an estate must pay its debts in this order:
Funeral expenses
Estate administration costs
taxes
Other general debts
Assets can be distributed to heirs only after you’ve arranged to resolve all debts.
When an estate is insolvent or near-insolvent, negotiation for debt forgiveness is common. Debt-holders usually realize they may end up with nothing if they don’t agree to receive a lesser amount.<br /><br />Debt Forgiveness
In some cases, creditors may completely forgive a debt if they believe the estate may not have the money to pay all of its debts. They may also partially forgive a debt instead of being paid nothing, particularly if other creditors will be paid first.
All agreements to entirely or partially forgive a debt should be made in writing. Be aware that the amount being forgiven is considered taxable income to the estate and that large creditors will almost certainly report these amounts to the IRS.
If you have hired a probate attorney, debt resolution may be something you delegate to them since they are usually experienced in these matters.<br /><br />Debts to the Estate
Any loans the decedent made to other parties are considered assets of the estate. The executor's role is typically to obtain repayment for those loans so funds can be distributed to heirs. In some cases, transferring the debt to one or more heirs is preferable if collecting the debt isn’t practical. If the debt is uncollectible, it may need to be written off.<br /><br />Ongoing Bills
As executor, you must protect the estate’s assets, which may require some ongoing bills being paid, such as insurance premiums, utility bills, property maintenance, etc. Use your best judgment concerning bill payment, and be sure to always act in the estate's best interests.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-07T08:54:00-07:002023-07-13T10:08:05-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13470Managing Estate Assets in Texas ProbateManaging Estate Assets
An estate asset is anything that has value. It can be a home, bank account, piece of jewelry, automobile, etc. One of your key duties as an executor is protecting and maintaining the estate’s assets. Ultimately, you may need to sell some or all of these assets and distribute the rest directly to the heirs.
Before you begin selling or distributing assets, it will make your job easier as executor to have a written plan for which assets you need to sell and which you can distribute to the heirs.<br /><br />Specific Bequests and Named Beneficiaries
The decedent’s will may specify that certain assets be distributed to specific heirs. However, not all such bequests can be honored. Sometimes the asset is no longer part of the estate, sometimes the bequest conflicts with local law (i.e., community property), and sometimes an asset must be sold to pay estate taxes.
Other items won’t pass through the will, but will be left to named beneficiaries. This can include life insurance, property held in joint tenancy or community property with the right of survivorship, funds in an IRA or 401K for which a beneficiary was named, stocks held in a transfer-on-death account, etc.<br /><br />Asset Sales
As the estate’s executor, there may be reasons you decided to sell an asset: to raise cash to pay off debts, to reinvest an asset elsewhere for better financial performance, or to make it easier to partition the estate. For instance, it’s much easier to divvy up cash among multiple beneficiaries than give one person a car, another a piece of art, and another a diamond ring.
It's also common to hold an estate sale to liquidate items the heirs don’t want. There are three approaches to estate sales:
Garage sale: this works well if there are only a small number of inexpensive items to sell.
Professional auction: if the estate is more significant, you can hire a professional auctioneer to hold an auction at your location or their site, depending on the size of the estate and the number of items being auctioned.
Estate liquidation: the most straightforward approach to selling assets is hiring an estate liquidator, which will also have a cost attached.
Check online to find an estate liquidator or professional auctioneer. Before selecting someone, talk with multiple services, check their references and meet with them personally to ensure everyone has a common understanding of what is being sold. And, of course, read all contracts carefully.
You can also sell individual assets directly through other channels. For example, take jewelry to a jewelry store or sell a car to a used car dealership, or online through a vehicle sales website.
If the estate is going through probate, you may need to secure the court’s permission before selling certain types of assets, or in some cases, any assets at all.<br /><br />Asset Disposal and Charitable Donations
Some assets have no value, such as frayed clothing, old newspapers, or piles of junk. If you can’t sell an item and none of the heirs want it, you may have to pay someone to dispose of it, or do it yourself.
Exercise caution when giving assets away to charities. Unless the will gives you the authority to do so, you don’t have the legal right to give away items of value, and charities generally won’t accept worthless items.
If the will does authorize you to make charitable donations, make sure no heirs are interested in an asset that has value, and get their permission to sell it in writing.
If an asset isn’t sold, disposed of, or donated, it will ultimately need to be distributed to an heir or multiple heirs.<br /><br />Dealing with Firearms
Dealing with firearms can be somewhat complex, depending on federal, state, and local regulations. Generally, an executor can distribute a typical gun to any close relative of the decedent, as long as the recipient isn’t legally prohibited from possessing it.
NFA Firearms: Certain weapons are regulated by the National Firearms Act (NFA), including fully automatic weapons, short-barreled rifles and shotguns, and silencers. These weapons and accessories must be registered with the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), and any distributions or sales must be made according to ATF rules.<br /><br />
Gun Registration: A few jurisdictions require registration for more common types of weapons, although an executor usually has a short period to possess and then distribute a firearm without registering the gun themselves. You should check local rules.<br /><br />
Prohibited Persons: Generally speaking, you cannot give a weapon to a person who is legally prohibited from possessing it, such as someone sentenced to more than a year in jail, dishonorably discharged from the armed forces, or judged mentally incompetent. However, some states allow prohibited heirs to take possession of a gun for up to 180 days to sell or otherwise dispose of it lawfully.<br /><br />
Heir Responsibilities: Note that some states require the recipient of a firearm to obtain and possess a firearm license, register the firearm, and/or take a gun safety course.<br /><br />
Interstate Transfer: An heir can legally transport firearms across state lines subject to certain restrictions, such as keeping the weapon unloaded and in a locked container, out of easy reach of anyone in the vehicle, and being legally able to possess the weapon in the starting and final jurisdictions.<br /><br />
Sales: If selling a gun, some states require that private individuals perform a background check on a prospective buyer (usually through an FFL dealer).<br /><br />
FFL Dealers: Perhaps the safest way to legally transfer or sell a firearm is via a gun dealer with a Federal Firearms License (FFL), who can help you fill out any required forms, hold the gun for you, perform any background checks, and then release the weapon into the possession of the recipient when everything is complete. Check online to find FFL dealers in your area.
<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-05T07:29:00-07:002023-07-13T10:08:18-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13467Estate Debts and Claim Limitations Probate TexasAs part of taking an inventory of the estate, the executor must look for and validate the debts of the decedent’s estate and be aware of claim limitations.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Statute of Limitations and Claims Deadlines
Every state imposes a statute of limitations on debts, meaning that after a prescribed period of time passes, the debtor is no longer required to pay the debt. Typically, these time limits range from three years for open accounts, like credit cards, to ten years for contract debts, like installment loans.
When someone dies, these limitations may be extended to allow everyone ample time to get organized. This is called “tolling” the debt, but is not usually a significant factor in settling an estate since statutory limits are measured in years.
Statutory limits are also sometimes shortened because most states also have mechanisms for the estate to establish a time limit for claim submissions measured in months, not years. These shortened limits overrule any statute of limitations.
In Texas, creditors can submit claims against the estate until the estate is closed. However, if an unsecured creditor received a copy of the notice from you, the executor, then that creditor has 120 days from receipt of the notice to make a claim.
Texas maintains a four-year statute of limitations on general debts from their original due date. However, all such limitations are suspended for twelve months following the estate owner's death. In addition, the statute of limitations in Texas doesn’t automatically restart simply because a payment was made or a debt was acknowledged in writing.<br /><br />Informal Debt Claims
Some debts will be easily discovered as you go through the decedent’s mail or are contacted by creditors concerning insurance premiums, credit card balances, utility bills, etc.
You’re not obligated to pay these debts unless the associated creditor makes a formal claim against the estate, but most executors will honor a decedent’s debts for services rendered. Failure to pay the decedent’s bills could result in damages to the estate, such as foreclosure or frozen pipes bursting.<br /><br />Notice of Death Publication
If the estate you’re serving as executor is going through probate, you must typically publish a notice of death in the local newspaper where the decedent lived, but not in every locale where assets may have been located. The purpose of the notice is to inform potential creditors of the death. Depending on the state, creditors have three to nine months after publication to contact the estate concerning any death claims.
If a potential creditor misses the deadline, the estate is not obligated to pay the debt. However, debts to the federal government are often an exception to this rule.
Even if the estate is small enough to avoid going through probate, you may still wish to publish a notice of death. This can protect the estate from future debt claims, which can be problematic if the estate’s assets have already been distributed.
In Texas, the executor must publish a general notice of death in a newspaper of general circulation in the county where the decedent lived, announcing the executor's appointment and that creditors submit claims within the allowable period. The notice must be published within one month of executor appointment.
Within two months of being appointed executor, you must notify all known secured creditors of the decedent’s death, including those you could identify through a reasonably diligent search (i.e., a mortgage holder). The notification must be delivered by certified or registered mail, return receipt requested.
As executor, you can be held personally liable for failure to make any required notices.
You may also notify unsecured creditors such as credit card companies, setting their deadline for response to 120 days after receipt of notice.2022-04-01T06:19:00-07:002022-06-24T10:18:09-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12509Enjoy Some Fun In The Sun in Downtown Fort Worth & Along the Nearby Trinity RiverDid you know that the sun shines 229 days a year in beautiful Fort Worth, which is almost a month more than the national average? If you’re going to be visiting Fort Worth, or you’re already lucky enough to live here, you’ll find plenty to do outdoors besides visiting the fabulous Fort Worth Zoo or the historic Fort Worth Stockyards (and we highly recommend doing both).
Downtown Fort Worth and the nearby Trinity River both provide an opportunity to soak in some natural Vitamin D and learn a little about our history. So, park your car, stretch your legs, and enjoy yourself. Let’s start downtown:
Sundance Square: the heart of downtown is Sundance Square, which is named for the Sundance Kid (Butch Cassidy’s sidekick). It was a hot spot for famous outlaws of the old west, like Wyatt Earp and Doc Holliday, and other well-known participants in the “Shootout at the OK Corral.”
Every spring, the Main St. Fort Worth Arts Festival kicks into gear all around Sundance Square. It’s a “juried arts festival,” and only one in seven artists who apply each year are accepted. The artworks you’ll see along Main Street represent the best of the best from all over the U.S. There’s also more live music and food than you can shake a stick at.
JFK Tribute: many people don’t know that President Kennedy’s last evening was spent in Fort Worth. See the spot where he gave a stirring speech the morning of that fateful day in Dallas. There are some great quotes, photos, and an incredible statue.
Tarrant County Courthouse: undoubtedly one of the prettiest courthouses in Texas, stand on the steps facing Sundance Square, and you can see all the way down Main Street to the Convention Center. You may recognize the Courthouse from watching Walker, Texas Ranger, or numerous other movies set in Fort Worth.
Flatiron Building: designated as a historic location in the National Register, it’s a smaller version of the original in NYC. It was built by a renowned doctor in 1907, and at the time, was one of Fort Worth’s first steel frame buildings and, at seven stories tall, was the tallest building in North Texas.
Fort Worth Water Gardens: conveniently located downtown is where you’ll find this scenic, refreshing oasis. Designed by Phillip Johnson, the Fort Worth Water Gardens is an architectural and engineering marvel that can be appreciated any time of the year. Experience a guided tour or wander throughout the gardens and enjoy a variety of water features.
The Ball-Eddleman-McFarland House: this amazing property was Fort Worth’s second to be designated as a City of Fort Worth Landmark (1980). Known as the region’s most intact Queen Anne residence, this elegant home was built high on a bluff overlooking the Trinity River.
Speaking of the Trinity River, it’s just a short walk from downtown Fort Worth. Head on over and enjoy:
Trinity Park: contains 35 miles of paved and natural surface paths that wind their way through several of Fort Worth’s many parks. Take in the scenic views of the river as you enjoy the biking trails, jogging paths, and walkways along the Trinity River.
Panther Island Pavilion: this waterfront venue is a hub for outdoor activity in Fort Worth. You’ll find kayak and stand-up paddleboard rentals, boat tours, public art, a bike share station, direct access to the Trinity Trails, and even a public beach.
Panther Island houses multiple stages, including the only waterfront stage in Texas. Check the calendar for the many festivals and concerts held there throughout the year.
Enjoy the great outdoors while you’re in Fort Worth, whether you’re a visitor or a local. As you travel throughout Texas, you’ll see why so many people continue to return to Fort Worth for vacation and why so many new residents are calling “Cowtown” home.<br /><br />David Pannell and Cities Real Estate: Downtown/Trinity Lovers and Experts
Broker David Pannell and the offices of Cities Real Estate are located on the outskirts of downtown Fort Worth, and you’ll find David and his family enjoying a walk along the Trinity during many of Fort Worth’s sunny days.
If you’re interested in calling somewhere in the greater Fort Worth area home or are ready to sell your home in Tarrant County and the surrounding areas, give David a call today at (817) 797-9047.
David served in the United States Marines, as a City of Arlington, TX police officer, and is a dedicated family man.
He’s a realtor you can trust.2022-03-28T12:00:00-07:002023-08-22T09:30:57-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12475Determining Asset Value
Among the many duties you assume as an executor is determining the value of the estate’s assets. Asset values are used to determine the type of probate needed (if any), allocate assets among heirs, calculate taxes, and fix cost basis for future sales by the estate or its heirs.
Assets must be valued twice: at death and at disposition.
Value at death – assets must first be valued as of the date of the decedent’s death. This is important for estate tax calculation (for very large estates) and for determining cost basis when an asset is eventually sold.
Value at disposition – assets also must be valued when they’re sold or distributed. Settling an estate can take months, if not years, and the value of assets changes, sometimes dramatically, during that period.
Value at disposition is used to calculate estate income taxes if the asset was sold or to calculate any state inheritance tax due, which should be allocated to heirs if the asset was distributed.<br /><br />Gross Value vs. Net Value
When calculating the value of an estate, the gross value is the sum of all asset values, while the net value is the gross value minus any debts (the actual worth of the estate). Gross value equals net value for most assets, but in some instances, an asset includes associated debt, such as real estate with a mortgage. In those cases, you should enter the gross value of the asset as its value and record the mortgage debt separately.<br /><br />Probate Value
If the estate you’re settling is undergoing probate, you’ll need to submit asset values to the court. Assets with designated beneficiaries, like 401 Ks and life insurance policies, normally bypass probate and shouldn’t be included in estate probate value.
Probate rules for estate valuation can vary by state. Some states use gross value, while others use net value. An executor needs to remember that all personal property is probated in the decedent’s home state, and real estate is probated in the state in which it’s located.
As the person who valued the estate’s assets, you may be challenged by the IRS, heirs, or creditors on the value you assigned an asset. Therefore, you’ll want to be sure that you’ve reasonably valued all assets.
Assessing Value
While certain assets are easy to value, like bank accounts or shares of stock, other assets can be more challenging, such as real estate, used cars, or collectibles. A real estate agent can assist you with real estate values by comparing similar properties, and the tax assessor’s valuation should also be considered.
Using a Professional Appraiser
A professional appraiser may be needed for jewelry, artwork, private businesses, and other assets you find difficult to value. Appraisers typically charge anywhere from $125 to $400 per hour, depending on the geographic area. Their rates may also be based on their level of expertise, and they may charge extra for a site visit. Appraisers who charge based on a percentage of an asset’s value should be avoided, as this goes against the Uniform Standards of Professional Appraisal Practice (USPAP) ethical requirement.
When hiring an appraiser, inquire about certifications and memberships in any professional organizations. To avoid any potential conflicts of interest, ask for a written estimate of the appraisal fee in advance and avoid hiring an appraiser who is also a dealer or offers to buy items for themselves.
There are also online appraisers, which can be faster and less expensive than working with a professional appraiser, but the appraisal won’t be as robust since the person valuing the asset didn’t have physical access to it.
Valuing Household Contents
Household contents is a broad category that can include furniture, books, gardening tools, appliances, tableware, etc. Instead of valuing each item individually, many executors list “household contents” as a single asset and provide an overall valuation estimate. Items that are particularly valuable, such as antiques, high-end artwork, etc., should be individually valued.
Valuing these assets can also be done through an estate sale, where you take what people are willing to pay for an item. Estate sales companies are available to help with this, which can help protect you from accusations of mismanagement.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-25T04:00:00-07:002022-03-25T04:16:55-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12474Taking Inventory For Probate
One of your key responsibilities as the executor of an estate is to take inventory and identify all of the assets and debts related to the estate. Some will be readily apparent, while others will require some digging and detective work on your part.
Even if the decedent did some pre-death estate planning and left behind a comprehensive and well-organized set of documents, you will still have your work cut out for you as you take inventory.
One document that can prove very helpful is the decedent’s most recent tax return - it will provide information about assets and debts. As time passes, additional assets and debts often surface through various mailings and notifications.
Assets
Estate assets will include:
Real estate
Stocks
Bonds
Mutual funds
Jewelry
Furniture
Cars
Assets are anything that has value. Similar assets can be lumped into one category; for example, six individual stocks don’t each to be listed on your inventory. Instead, they can be lumped together under a single category such as “Fidelity Brokerage Account.”
Debts
Debts will include things like:
Mortgages
Car loans
Outstanding credit card bills
Any unpaid loan balances
Small debts like utility bills and rent payments can be paid by the estate while it’s being settled and don’t need to be inventoried as debts.
Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-24T18:03:00-07:002022-03-25T03:55:51-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12412Successful Case Study: LaDonna & Bradley NashSuccessful Case Study: LaDonna & Bradley Nash – Cities Real Estate Exceeds Expectations by $34K in Under a Month
By <a href="https://www.citiesrealestate.com/contact/" title="David Pannell Real Estate Broker">David Pannell</a>
As a real estate agent/broker, I’ve helped many people buy and sell homes since 2005. Without exception, every client I’ve worked with has personally mattered to the team at Cities Real Estate and me, but some instances bring a realtor just a bit more satisfaction than others. For me, one of those was helping LaDonna and Bradley Nash.
The timing couldn’t have been better when I first contacted LaDonna and Bradley. Their home in Aledo had sat on the market for over a year with very little activity, and there were no prospective buyers on the horizon.
Making the situation even more frustrating was the fact that the realtor they had listed her home with wasn’t returning her phone calls. If you’ve ever spent time with the Nash’s, you can tell that they’re not the type of people to abuse someone verbally – their realtor’s reluctance to return calls had to be for some other reason, perhaps out of embarrassment from under-performance or a lack of confidence in selling the home anytime soon.
During my first conversation with LaDonna, I asked two simple questions:
When do you want to sell your home?
How much do you want to sell it for?
These may seem like obvious questions with obvious answers, but a realtor wants to be sure that a potential seller is genuinely motivated to sell their home and that the asking price is reasonable. It was crystal clear the Nash’s wanted to sell their home as soon as possible and that the price they expected was realistic.<br /><br />Putting the Wheels in Motion
Based on the amount of time the Nash home had been on the market and the lack of activity, it was apparent that it was time to put the Cities Real Estate marketing plan into action.
In addition to performing a market analysis, we filmed a video of the home, inside and out. The home is located in Aledo, Texas, which is in Parker County, just about 30 miles outside of Fort Worth. It’s a beautiful 5-bedroom, 3-bathroom home situated on 2.5 acres of pristine Texas real estate. My guess was that the reason someone hadn’t snatched this property up yet had to be underexposure.
Our team at Cities has never been accused of under-marketing a property, and never will be. From the videos we produce to the 15-days of strategic marketing we perform before a property ever hits the MLS, we provide our clients the maximum amount of exposure possible for their home.
The Plan Comes Together
Selling a home, no matter how hot or cold a market might be, is never easy. But with the right system and marketing plan in place, it can be simple.
The bottom line – the Nash home sold in less than 30 days from when we began marketing it. A skeptic might think we had to make some big concessions to get this done in such a short period – like cutting the price. Nothing could be further from the truth.
LaDonna and Bradley‘s home sold for $34,000 more than the previous agent had listed it for, proving that it hadn’t sat on the market for over a year because it was over-priced. It had been under-marketed.<br /><br />Put Cities Real Estate and Me to the Test
We can do for you exactly what we did for the Nash’s. We’ll sell your home in less time than you expect. For more money. We guarantee it.
Call Cities Real Estate and me today at (817) 797-9047, or complete this short form to get started. Let us amaze you like we did LaDonna and Nash.
About David Pannell
Cities Real Estate agent/broker David Pannell has been helping families with their real estate needs for over fifteen years. Specializing in Tarrant County and its surrounding counties' most desirable neighborhoods, David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you sell your home as you begin the next chapter in life.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates; with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?2022-03-18T09:36:00-07:002022-06-30T10:16:06-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12390Texas Probate FormsAs the executor clearing for an estate located in the state of Texas, there are some state-specific forms you may need.
In Texas, only a few counties have dedicated Probate Courts; most handle probate via Constitutional County courts. The relevant District Court has jurisdiction over contested matters (view the state <a href="https://www.txcourts.gov/media/1097010/Court-Structure-Chart-Sept-2015.pdf" title="Texas Probate Courts">court structure</a> on the Texas Courts website). To search for the appropriate court within the county where your estate is located, check <a href="https://www.txcourts.gov/media/1444702/trial-courts-by-county-082121.pdf">here</a>.
General Texas Probate Forms
Your local court can provide you with the forms they may prefer; these are some of the forms most commonly used in Texas:
<a href="https://forms.justia.com/texas/statewide/probate/application-for-probate-of-will-issuance-of-2064.html" title="Probate Request Letters">Example Request for Letters</a> – initiates the probate process.
<a href="https://www.dallascounty.org/Assets/uploads/docs/courts/probate/ReceiptandWaiverofNotice_2014.pdf" title="Probate Receipt Wavier Notice">Example Receipt and Waiver of Notice</a> – heirs can sign this to relieve you from formal notification requirements.
<a href="https://www.tarrantcounty.com/content/dam/main/probate-courts/Documents/Waiver-and-Consent-401.002-.003.pdf" title="Consent to Independent Administration">Example Consent to Independent Administration</a> – the form used for heirs’ consent if you choose to use an independent administration.
<a href="https://www.tarrantcounty.com/content/dam/main/probate-courts/Documents/Affidavit-of-Notice-to-Beneficiaries.pdf" title="Affidavit of Notice">Example Affidavit of Notice</a> – tells the court you notified heirs as required.
<a href="https://www.dentoncounty.gov/DocumentCenter/View/2659/Annual-Account-of-Estate-DOC" title="Estate Inventory">Example Estate Inventory</a> – the form used to record the inventory you took of estate assets.
Example Final Accounting – form submitted at the end of the probate process containing the final accounting for the estate.
As the estate’s executor, you can personally file forms, but be aware that the state of Texas requires an estate to have an attorney of record unless:
You are using a <a href="https://www.citiesrealestate.com/blog/probate-for-small-estates-texas/" title="Small Estate Texas">small estate</a> approach or
The estate doesn’t involve any other interested parties
Texas requires attorneys to file submissions electronically and encourages executors to do the same.
Other forms that you may find helpful as an executor in Texas include:
Example <a href="https://texaslawhelp.org/sites/default/files/sm-estate-affidavit_form.pdf" title="Small Estate Affidavit Form">Small Estate Affidavit Form</a> – obtain custody of personal property for small estates with no will.
<a href="https://www.comptroller.texas.gov/forms/53-111-a.pdf" title="Texas Affidavit of Heriship Form">Texas Affidavit of Heirship Form</a> – obtain title to real estate for small estates with no will.
<a href="https://texaslawhelp.org/sites/default/files/affidavit_of_death_10_9_19.pdf" title="Affidavit of Death">Affidavit of Death</a> – transfer real property subject to a Transfer on Death Deed.
<a href="https://www.tarrantcounty.com/content/dam/main/probate-courts/Documents/application-muniment-of-title.pdf" title="Muniment of Title Application">Example Muniment of Title Application</a> – an alternative approach to probate.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside of your area of expertise or your comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in Tarrant, Denton, Parker, Wise, Collin, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a Unites States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-17T08:04:00-07:002022-03-18T09:36:45-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12375Essentials of Probate Success Dallas Fort Worth, Texas by David Pannell BrokerProbate is the court-supervised process of administering a decedent’s estate to distribute the net proceeds of the estate to the rightful heirs.<br /><br />Are the Services of an Attorney Required?
In Texas, if a small estate settlement process isn’t used, the law requires that an attorney represent the executor if there are heirs other than the executor or creditors involved.
Though a lawyer may be involved with the clearing of an estate, the executor will still have many duties to perform, such as tracking expenses, paying bills, etc.<br /><br />The Elements of the Probate Process
Though probate details can vary by state or county, there are many common elements of the probate process regardless of location:
Executor appointment: the first step in the probate process, it requires filing documents with the court, notifying potentially interested parties, and obtaining a probate bond.<br /><br />
Estate inventory: the executor must provide the court with an official inventory of the estate’s assets and debts. This inventory is often required along with the probate application.<br /><br />
Creditor notification: many states require that creditors be notified and advised on how to submit claims.<br /><br />
Family entitlements: a surviving spouse and other dependents often have rights to the estate superseding the terms of the will or legitimate claims from creditors. Some states require the executor to inform the spouse of those rights and wait a certain amount of time to let the spouse decide whether to file any claims.<br /><br />
Debt resolution: once an executor understands the estate’s overall finances, they must attempt to resolve all debts.<br /><br />
Tax payments and discharge of personal liability: the executor is responsible for filing a tax return for the decedent’s final year of life, and also for the estate.<br /><br />
Asset distribution: after all debts have been resolved and any taxes due have been paid, the executor can distribute the remaining assets to the rightful heirs.<br /><br />
Final accounting and probate closing: the probate process usually concludes with the submission and court approval of two documents: the Final Accounting Statement and the Probate Closing Statement.
<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire David Pannell & Cities Real Estate?
Experience the ease and peace of mind that comes with our comprehensive probate assistance services for families. Unlike attorneys who focus on legal matters, we specialize in the tasks that truly matter to you. From decluttering houses to connecting executors with reputable estate sell companies, we ensure that no aspect of the probate process is overlooked. We even go the extra mile by helping you donate unwanted personal property and providing valuable recommendations to enhance your property's value. With the current surge in investors aiming to purchase estate properties well below their actual worth, our guidance becomes even more crucial.
Whether buying or selling a home, it is our goal to make this important event a positive and enjoyable experience. We are committed to providing you with personal attention accompanied by courtesy, respect and professionalism.
David Pannell's Team is a top producing real estate team in the Fort Worth Texas. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the home buying and selling process. We focus on detailed systems and aggressive negotiating strategies to get our clients the best results every time.
Our success stories are filled with satisfied clients who have found tremendous value in our services, particularly those dealing with probated estates. By understanding your family's unique goals, we offer tailored options that align with your desires and aspirations.
When you choose us, you're not just getting a service; you're gaining access to a dedicated team and an entire service hub built around streamlining the probate process. We handle the intricate details, allowing you to focus on your busy life without the burden of overwhelming paperwork and logistics.
Let us empower you to take complete control of the probate process. Working hand in hand with our exceptional Probate Services team, you'll experience a faster, smoother journey with significantly less stress. Embrace this major life transition with confidence, knowing that we have your back every step of the way.
<a href="https://www.citiesrealestate.com/buyers/" title="Thinking about buying a home">Thinking about buying a home?</a> You have found the best search engine to do just that. In addition, our team will get you priority access to all the best deals the moment they come on the market…. and in this competitive market you have to have that sort of access to nail down a great deal! If you are looking to sell your home we specialize in getting our clients maximum exposure and top dollar every time.
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you find your treasure in Covered Bridge Canyon or sell your home as you begin the next chapter in life. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.<br /><br />4 Types of Probate
The state for which you’ve been appointed executor may not need to go through probate, but if it does, there are four types:
Summary – the shortest and easiest form of probate, it’s usually applicable for small, simple estates.<br /><br />
Informal – the most common type of probate, it requires that there are no disputes that the court will need to resolve.<br /><br />
Formal – lengthier and more expensive, formal probate can resolve disputes, usually with the assistance of an attorney.<br /><br />
Supervised – the rarest type of probate, it’s used when the court finds that an heir needs protection, such as a minor child or someone deemed incompetent in some manner.
The type of probate an estate will require, if probate is in fact even needed, is determined at the state and county level; there are no federal probate requirements.<br /><br />The Location of the Court
The particular type of court overseeing the probate process will vary by state: it may be a dedicated probate court, superior court, circuit court, general county court, or something else. Regardless, real property must be probated in the state where it is physically located, which may require an estate to pass through probate in multiple states.
Probate Costs
Probate court costs are typically nominal – usually a few hundred dollars. The more significant expenses involve paying thousands of dollars to attorneys, appraisers, accountants, and other professionals (the average estate spends over $12,000 on attorneys and accountants).
Probate Benefits
If probate is required, one clear benefit of an executor is that they will be following the law. But, even if probate isn’t legally required, the process can shield an executor from disgruntled heirs and get the executor formal documents known as “Letters,” which make it easier for an executor to prove their authority to third parties, such as banks and investment firms.
An Alternative to Probate: the Affidavit
If probate is not required, many states allow an executor to claim estate assets using a simple sworn statement (affidavit) and that they’ll be taking possession of the asset. In some instances, a copy of the death certificate will also need to be provided.
If the estate owner dies intestate (without a will), the executor will likely need to use an Affidavit of Heirship, which states the location and date of the decedent’s death, as well as the name and address of all heirs specified by statute.2022-03-16T07:06:00-07:002023-07-08T07:14:14-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12368Probate For Small Estates TexasMany states, including Texas, allow “small” estates to bypass standard probate, saving the estate, its executor, and its heir's considerable effort and cost.
Different states define “small” differently, and an estate worth millions of dollars may even qualify as “small.”
When determining if an estate meets the qualifications of being considered “small,” only the values of assets that would normally go through probate should be counted. Community property with rights of survivorship, assets with named beneficiaries (e.g., life insurance policies, IRAs, 401(k)s), and other standard probate exclusions should be excluded from the calculation.
Excluding these assets that may be considerable in value can mean the difference between a substantial estate bypassing probate or not.<br /><br />Qualifying as a “Small” Estate in Texas
If the qualified gross value of an estate in Texas is under $75,000 and there is no will, the small estate process can be used with almost no court involvement.
To use the small estate process in Texas, the following five conditions must be met:
The estate’s qualified gross value is <$75,000
There is no will
At least 30 days have passed since the death of the estate owner
The estate is solvent (the non-exempt assets are worth more than the debts)
No petition has already been made to the court to officially appoint a personal representative
When determining if an estate qualifies as “small,” assets should be valued as of the date of death, and unsecured debts should be ignored. In addition, assets that would not usually go through probate should also be excluded.<br /><br />General Settlement Approaches
If the estate qualifies as “small,” there is often a waiting period, after which you can use one of the following approaches (depending on the state):
Small Estate Affidavit: complete a sworn statement concerning estate inventory and heirs, then use the affidavit to obtain possession of estate assets from current custodians. If done correctly, no court will usually be involved.
However, on occasion, a current property custodian won’t understand the process and may resist relinquishing possession of an asset. In that instance, court involvement may become necessary.
Summary Administration: many states allow an abbreviated form of probate, in which an interested party submits documentation to the probate court attesting to estate assets, debts, and legal heirs. In return, they obtain a court order allowing them to settle the estate according to a substantially simplified process.
Other: some states provide alternate ways of handling small estates, such as the Texas Affidavit of Heirship.<br /><br />A Word of Caution for Executors
Even if the estate you’re administering qualifies for small estate treatment, consider going through the probate process anyway for the increased liability protections and protections from creditors it provides.
For example, a creditor can take heirs or the executor to court if debts are not satisfied and distributions are made to heirs that could have been used to pay the debts.
Also, consider probate if estate solvency is uncertain or you’re concerned as executor that the estate may become embroiled in a lawsuit (e.g., a disgruntled employee or resentful heir).<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-15T12:28:00-07:002022-06-28T14:45:46-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12342Key Executor Duties For ProbateOne reason some people don’t succeed in a job is they weren’t made fully aware of what their responsibilities were. Or, as author Steven Covey wrote, “they had their ladders up against the wrong wall.”
To help you succeed as an estate executor, here is a list of key executor duties you need to be aware of. You may, or may not, be called upon to perform all of these duties. Your exact responsibilities will be impacted by the size of the estate and the amount of pre-death planning done by the estate owner.
Arrange the Funeral
Though this isn’t a legal requirement, many executors are asked to manage funeral arrangements and other details related to the burial of the estate owner, including buying a headstone, writing the obituary, arranging for an honor guard, and more. In addition, coordinating funeral arrangements and payment with in-force insurance policies may be required.
Collect and Inventory Estate Assets
This may mean taking physical possession of tangible assets like jewelry, vehicles, and homes, as well as taking control of financial assets such as bank accounts and investment portfolios. This should be done as soon as possible. Still, some assets held by custodians like financial institutions typically require you first to be appointed executor by the probate court, which can take several weeks or longer.
Collecting all of the assets can be challenging for an executor. Even if the decedent left behind a list, you might receive account statements in the mail from previously unknown assets. Other assets may surface through conversations with advisors like attorneys or accountants, looking at previous tax forms, or performing online searches for retirement plans, life insurance policies, abandoned assets, and more.
You’ll also need to value these assets, which is straightforward for bank and investment accounts but not as easy for real estate, cars, and collectibles. Using professionals like real estate brokers and appraisers for asset valuation may be necessary.
Initiate Probate (If Required)
Not all estates need court involvement. Generally, an estate won’t have to undergo probate if it only contains assets that automatically transfer to named beneficiaries (life insurance policies, IRAs, other retirement plans) or if the estate qualifies to use a state-specific small estate procedure.
Protect and Manage Assets
An executor is responsible for protecting and managing estate assets, including taking reasonable steps to minimize asset risk. This might mean locking up valuables to prevent theft and making sure valuable assets remain insured, such as homes, cars, and valuable collections, including wine or art.
Protecting a home requires an executor to be proactive. The home will need to be reasonably maintained, including routine maintenance like yard work. A house may also need to be protected from fire and flood hazards, leaky roofs, and even vandals who could be attracted to an obviously abandoned property.
If the decedent owned all or part of a business, you’ll also be called upon to ensure the company continues operating, unless the business depended solely on the efforts of the deceased, such as them being a solopreneur or a professional practicing privately. Depending upon circumstances, you may need to manage the business yourself or hire a professional manager.
Protecting investments like retirement plans and equities like stocks or crypto involves a degree of risk for an executor. If the decedent owned some speculative stocks, for example, you might be tempted to cash out and leave the proceeds in a conservative money market account to avoid having the asset lose value, but you could be faulted for having the money market account lose value due to a low rate of interest credited to the account combined with inflation. If you’re not an experienced investor, you may want to obtain professional advice.<br /><br />Notify Required Parties
There are numerous organizations and people you will need to notify about the estate owner’s death; some of these notifications are time-sensitive. They include:
IRS
Social Security Administration
DMV
Post office
Creditors
Financial institutions
Life insurance companies
Utility companies and other service providers
Heirs
Pay Required Taxes
Another one of your duties is to pay all required taxes. This includes income taxes for the decedent (for their last year of life and any other unresolved tax years), income taxes for the estate while the estate is being settled, federal estate taxes, state estate taxes, and state inheritance taxes.
Additionally, you need to pay local property taxes for any property contained within the state. Note that federal and state taxes have priority over most other claims on the estate, including standard debts.
Resolve Estate Debts
Resolving the estate’s debts should be completed before distributing remaining assets to heirs. As executor, you may be held personally liable for estate debts if you make distributions rendering the estate incapable of paying its debts, even if the debts were unknown at the time.
Account for Results
You’ll need to prepare a Final Accounting of the estate, showing its assets, income, expenses, changes in asset value, and distributions. This is usually a required report that must be submitted to the court if the estate is passing through probate.
Settle the Estate in a Reasonable Time
There are no set rules on how long settling the estate should take; that will depend on many variables like estate size, location, contestation by heirs, etc. Regardless, you do have a duty to act reasonably and attempt to complete settlement within a reasonable period. Unhappy and impatient heirs can petition the court to have you removed if they believe you’re not acting in a timely manner.
Act in the Best Interests of the Estate
You have a fiduciary duty as executor to always put the estate’s interests ahead of everyone else’s – including your own. Some decisions won’t have a clear answer, requiring you to use your best judgment. For example, you can’t sell an asset at below-market price to a friend.
Act Ethically
As executor, you must always follow the law and adhere to the highest ethical standards. Of course, you’re not expected to achieve perfect results, but you are required to follow the standard of a “reasonable, prudent individual.”
For your protection, keep accurate, detailed records of all your actions, particularly concerning financial transactions. When you’re addressing areas you may not know very well, such as real estate valuation and complex investments, you may want to seek professional assistance.<br /><br />Questions Concerning Probate and Eeal Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside of your area of expertise or your comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in Tarrant, Denton, Parker, Wise, Collin, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let the US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major and this life transition.2022-03-14T17:34:00-07:002022-06-29T09:48:55-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12326Before you sell the house AS IS!Before you just cash out, read this first!
By now you’ve received letters from investors who would like to buy the property for r! 50 cents on the dollar – or less.
While their offer of an “all cash, as-is, quick close” may seem attractive, you could be leaving money on the table. If you decide to sell to an investor you’ll want to consider more than one potential buyer. The most effective way to do this is to list the property with a professional Realtor®. This will attract ALL qualified buyers interested in an “as-is” property. In our experience, this brings many qualified investors. Oftentimes you will receive multiple offers. By exposing the property to all potential buyers in the local market you can expect to sell for a much higher price.
To receive a professional opinion on the value of your house please call me at (817) 797-9047. I will meet you at the property, conduct a thorough visual inspection, and give you some tips on selling the property quickly -- for the most money.
We will then complete a comprehensive Broker Price Opinion (BPO) and present it to you within 72 hours. A BPO will give you valuable insight about how much the home will likely sell for in today’s market and an estimate on how long it will take to sell.
Over the last 13 years our team has completed hundreds of BPOs for banks, lenders, and asset management companies. We offer this service free to you. (A savings up to $150.)<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-13T17:37:00-07:002022-06-29T16:24:23-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12325Why Hire US? Cities Real Estate - David PannellWHY HIRE US?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-13T13:17:00-07:002022-03-14T06:37:45-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12324Ms V. Story After Working with Cities Real Estate, David Pannell <br />While making calls to families with property going through probate, I got connected with Ms. V and had a great conversation. Her situation thus far had been timely and stressful. A distant cousin had passed away and she was made the temporary administrator of the estate. There was not a will, and no additional heirs that could be found. Ms. V. was prompted to go through an additional process with the court to make her the sole permanent executor. Because there was no will, she was obligated to get top dollar for the property which makes the faster and easier cash offer route more difficult. In addition to trying for top dollar, a judge has to approve and sign off on the sale based off comparable values in the area. Being that Ms. V lives over 4 hours from the subject property, this has added another layer of difficulty for her and the family.
Cities Real Estate helped Ms. V get the property sold and the situation behind her. First we sent a thorough comparable market analysis of the property and came up with a value that would allow the property to sell in the shortest amount of time and the most amount of money. We also helped her come up with a timeline for going ACTIVE on the market, handled all calls and inquiries, and applied the proven Cities Real Estate action plan for getting properties SOLD.
Once Ms. V had all of this info in hand it made for a smooth court process and was approved by the judge. From there we were able to help get the property SOLD for over the asking price in less than 30 days.
Along with all of the listing documents, we also provided Ms. V with a real cash offer in writing so she could provide the judge with more than one option. Based off the value of the property and the strength of the cash offer, the judge allowed it to go through which enabled the property to be closed in 2 weeks Not only did this allow Ms. V to put this stressful situation behind her, but she could return to her normal life knowing things were handled properly and done the right way.<br /><br />Questions concerning probate and real estate?
If you have questions concerning probate and real estate in Tarrant, Parker, Wise, Collin, Denton, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-13T13:02:00-07:002022-11-07T17:39:23-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12322Holly Past Client (Page 7 In Our Executor's Guide To Probate)Holly inherited six Acres and her childhood home. The house was full of furniture, personal belongings, and mementos from her past. It was a very stressful time for Holly and she was unsure of what to do.
Closing the estate and dealing with her grief at the same time seemed unbearable. 

Holly hired OUR Probate Services.
After the family sorted through the personal mementos, we coordinated the sale of the personal property. Probate Services helped Holly identify needed repairs. We hired the right people to complete the work. The home was sold quickly and Holly was able to focus on moving forward with her life.
We lifted the heavy burden of dealing with the estate by providing Holly with all the services she needed to get her childhood home ready for sale. Then we sold the home for the highest possible price.
Questions concerning probate and real estate?
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-12T10:10:00-07:002022-11-08T07:31:26-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12290As An Executor, Do You Need a Lawyer For Probate in Texas?If you do some reading up on being an executor, a common piece of advice you’ll see is “hire a lawyer.” Depending upon the complexity of the estate, you may decide to seek legal advice from an experienced attorney who’s familiar with your state’s laws and how local probate works.
However, not all executors need to turn an estate being probated over to a lawyer, or even hire one for limited advice. If the estate you’re handling isn’t too large, is pretty clear-cut, and doesn’t contain any assets that could be considered unusual, you may be able to fulfill your responsibilities as executor without a lawyer’s help.
Answering the questions below will help you determine if you can wrap up the estate on your own. If you’re unsure of the answers, consult with an attorney and run through these questions with them.
Can the decedent’s assets be transferred outside of probate?
Ideally, all of their assets can be transferred to heirs without going through probate. But, this will depend on how much (if any) probate-avoidance planning the estate owner did before they died.
Common examples of assets that don’t need to go through probate include community property, assets held in joint tenancy, or tenancy by the entirety. Assets held in a living trust can also bypass probate. Probate is also unnecessary for assets for which the decedent names a beneficiary, like retirement accounts or life insurance proceeds.<br /><br />Does the estate qualify for your state’s simple “small estate” procedures?
It’s preferable that no amount of probate is required, but if that’s not possible, determine if the estate can use small estate procedures. In most states, these include “summary probate” and a completely out-of-court process that requires presenting an affidavit to the institution or person holding the asset. Every state has its own rules on which estates can use the simpler procedures, but most states allow it, even for estates that can be considered relatively large.<br /><br />Probate is pretty straightforward in states that have adopted a set of laws called the Uniform Probate Code. In those states, probate is conducted with minimal court supervision.
The Uniform Probate Code was first created in 1969 by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and was amended in 1990 as a model code that states could adopt to standardize probate laws.
The entire Uniform Probate Code has been adopted by eighteen states (listed below). Other states have adopted parts of the Uniform Probate Code, but it has not become a standardized law across all fifty states. Alaska Arizona Colorado Florida Hawaii Idaho Maine Massachusetts Michigan Minnesota Montana Nebraska New Jersey New Mexico North Dakota South Carolina South Dakota Utah<br /><br />Rarely is a will contested by a family member, but if that’s the case in your situation – talk with a lawyer immediately. Probate lawsuits can drain an estate financially and cause irreparable damage to the relationships of family members. An attorney may be able to prevent a court battle.
Is there enough money in the estate to pay debts?
If the estate has enough money to pay legitimate debts, such as final income taxes, expenses related to the last illness, and funeral costs, and there is some money left over for beneficiaries under the will or state law, you won’t have to decide which bills to pay.
However, if you determine there isn’t enough money to pay debts and taxes, you shouldn’t pay any bills before talking with a lawyer. State laws give some creditors priority over others; an attorney can help you prioritize who gets paid initially, and in what order.
Will the estate owe either state or federal estate tax?
Under the current tax law, more than 99.7% of estates don’t owe any federal estate taxes, so this will probably not be a concern for you. But, nearly 20% of states impose their own estate tax laws, with many of them taxing estates valued at $1 million or greater.
If the estate you’re working on needs to file an estate tax return, either with the Internal Revenue Service or the state taxing authority, use the services of an attorney.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?2022-03-10T11:11:00-07:002022-06-30T07:59:30-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12280Vacant Property Insurance in Texas?<br />Make sure to get your properly insured. This is so important that it’s actually #4 in your Duties and Liabilities as a Personal Representative. DO NOT Take this risk! Your property may be vacant because you’re doing renovations, it’s on the market, or you’re looking for the right tenant.Owning a vacant property comes with special risks. In fact, some insurers won’t cover them at all.
TOP 6 VERY IMPORTANT items to consider:
Does the average homeowner’s policy cover a property that is unoccupied? No, it does not. The home must be occupied or the insurance company must be informed of the change and update the policy.<br /><br />
When does the policy coverage terminate due to non-occupancy? Typically, 30-45 days, depending on the insurance carrier.<br /><br />
If the policy terminates, will the insurance carrier still charge the estate? If the house is vacant, the insurance policy will terminate, and the insurer should not bill the estate.<br /><br />
What should I do to protect unoccupied property? You will need an unoccupied property policy to protect what is generally the estate’s most valuable asset: the real property.<br /><br />
If someone needs this policy, how fast would coverage go into effect? Immediately. Once the policy is in place, can the Personal Representative cancel the previous policy? Yes.<br /><br />
Are unoccupied policies more expensive? It depends on the house.
<br /><br />Questions concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
2022-03-09T12:59:00-07:002022-06-28T12:02:56-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12255Executor Compensation and Fees Texas ProbateAs the executor of an estate, you’re entitled to compensation for your services, as well as reasonable reimbursement for realistic expenses. If the decedent’s will gives specifics on executor compensation, those terms will generally prevail. However, if a will doesn’t exist or doesn’t address how the executor is to be paid, state-specific rules will then determine executor compensation (see the state of Texas executor compensation regulations (https://statutes.capitol.texas.gov/Docs/ES/htm/ES.352.htm).
Some executors choose to forego being paid for various reasons; however, any compensation accepted will be paid from estate proceeds. Payment of the executor takes priority over distributions to heirs.
<br /><br />Communication
On occasion, heirs will be surprised and unhappy when they notice their shares are smaller than what they expected because of executor fees being deducted from the estate’s value. Discussing your compensation as executor early during the settlement process can help prevent hard feelings and conflicts down the road.
You may also want to remain flexible concerning your planned compensation to modify it as the settlement process unfolds and you’re able to determine more accurately how much work will be required of you.
Tax Optimization
Bear in mind that there may be some situations when it’s financially beneficial for the executor to waive receiving any fees. For example, since executor compensation is considered ordinary income and is taxable, and inheritances generally aren’t taxable, if you’ll be inheriting the entire estate (or a significant portion of it), you could end up with more after-tax value if you declined to receive executor compensation.
Timing
Typically, as the executor, you’ll receive your compensation during the final stages of estate distribution. Therefore, monitor estate balances during the process to ensure there is enough money to pay you and all other outstanding debts. Not doing so could expose you, as the fiduciary, to legal issues.
Remember, in most states, the compensation of executors comes before almost all other debts (in N.Y., for example, only funeral expenses are higher on the list of priorities).<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Calculation of Executor Compensation
A will can specify just about any approach imaginable when it comes to calculating the payment of the executor. Some common calculation methods are:
Fixed Amount
(e.g., $10,000 specified in the will)
Percentage of Overall Estate Value*
Cash Flow an Executor Manages
(e.g., 5% of amounts received or paid out in cash)
Charges for Services Rendered**
*When calculating fees based on a percentage of overall estate value, some states also provide for the executor to be eligible to receive an additional fee for services above and beyond what is considered normal (such as overseeing the sale of the decedent’s real estate holdings, conducting litigation, managing businesses the decedent owned, etc.).
**If a services rendered approach is used, fees may take into account multiple factors, including the nature of the work involved, the amount of effort expended by the executor, the executor’s professional background, and the results and benefits for the heirs of work performed.
In such cases, it’s vital that you keep accurate records of the time you spent on estate business: what, why, when, where, and how long. Failing to do this could result in your claim for compensation for services rendered being denied by the court.
Finally, even if the will specifies a method of calculating the executor’s fee, some states allow the executor to override that specification and instead collect a fee based on default state statutes. In addition, some states put time limits on this decision., which will be written in the state statutes.<br /><br />Reimbursement
As executor, you’ll also be entitled to reimbursement from estate proceeds for legitimate and reasonable estate administration costs, including such things as:
Copies of the death certificate
Document notarization
Travel costs associated with managing the estate (airfare, auto mileage)
Bills you pay out of pocket for the estate (like utility bills)
Once you’ve opened a bank account for the estate, you can often pay expenses directly from that account, eliminating your need to be reimbursed for things you’ve paid out of pocket. Be sure to keep accurate records in case of a future inquiry by the estate’s heirs or the Internal Revenue Service.2022-03-08T11:18:00-07:002022-06-30T09:10:41-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12238Fiduciary Duty For Probate TexasActing as the executor of an estate will require time, effort, and attention to detail. It’s not an overly complicated role, but it does carry a tremendous amount of responsibility, including acting as a fiduciary throughout the process.
Being a fiduciary means that you have a legal obligation to always act in the best interests of the estate – even if it’s not in your own best interests. It requires the highest ethical standards, with most states requiring that you follow the standard of a “reasonable, prudent individual.”
Keeping accurate records of all your actions, especially financial transactions, will help you prove that you’ve been faithful to your fiduciary responsibility, as well as getting professional assistance in areas you may not be very familiar with, like real estate and business valuations, complex investments like cryptocurrency, etc.<br /><br /><br /><br />Asset Protection
It can be a breach of your fiduciary responsibility if you fail to protect estate assets or do something damaging to the estate, like investing irresponsibly. Asset protection is a broad concept and ranges from ensuring valuables are locked up in a safe to ensuring that valuable insurance policies don’t lapse because of non-payment of premiums.
If there are substantial investment and insurance assets involved, consider enlisting the services of a professional investment manager or Certified Financial Planner.
Timely Filings
As executor, another fiduciary responsibility is to submit estate tax forms on time. Not doing so can result in you being held personally liable for damages.
In addition to submitting required forms in a timely manner, there may also be other important filings you’ll need to make, such as annual property taxes, business license fees, payroll taxes, etc. The help of a Certified Public Accountant can be helpful with many of these filings.
Limits of Authority
You also need to be sure that you have the authority to take significant actions. For example, if the estate is going through probate, don’t sell real property unless given permission by the court. If the decedent owned a business, make sure you understand the ownership situation and the legal rights of any co-owners before making any substantial changes, including liquidating the business or selling ownership shares. A corporate attorney can advise you in this area.
Fair Distributions
The estate’s heirs must receive what the will and other legal directives dictate that they receive; nothing more and nothing less. Therefore, you can’t show favoritism to anyone, such as through obvious excess distributions or those caused by skewed asset valuations.
Record-Keeping
As a fiduciary, it is in the estate’s best interests, and yours, to be able to account for the estate’s original assets and debts and what you did with each. Even if you aren’t ever held accountable by an individual like a family member or business partner, you’ll likely need to submit detailed records to the court if the estate is passing through probate.
Remember, failing to follow your fiduciary duty can be costly, both in terms of fines and possible jail time. As an executor, even honest mistakes can cause you significant legal and financial problems, so don’t try to take on this challenging role all alone if you’re dealing with a complex estate. You won’t be faulted for enlisting the aid of professional advisors, but you may be held accountable if you don’t.<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-07T17:28:00-07:002022-06-28T17:32:56-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12203Becoming An Estate Executor Probate TexasBeing requested to serve as an estate executor is a compliment and should not be taken lightly. The estate owner thinks highly enough of you to offer you a substantial role in the life of their family. It’s a significant responsibility requiring substantial time and effort, and much thought should go into accepting it.
Ideally, the estate owner discussed the role with you in detail before they passed away, and you knowingly agreed to serve as their executor. If you have accepted their request but decide to decline when the time comes to serve, you’ll be able to do that without much difficulty. Someone else will need to act as executor, and the court will appoint someone, if necessary.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Other Paths to Becoming Executor
If the person initially designated as executor by the decedent refuses the responsibility when the time comes, and nobody else exists who meets the default criteria to serve (i.e., named in the will or default line of succession), the court will appoint an executor. That person can be a professional, or perhaps someone desiring the role but has no legal standing to demand it. Bear in mind, the court is not always obligated to follow the desires of the will or the default succession.
If you’d like to serve as executor, but there are others with a higher priority than you, you can still serve if they’ll submit a signed waiver stating they don’t wish to serve.<br /><br />Being Officially Appointed
If the estate does require going through probate, there are several steps you have to take to be officially appointed as estate executor:
File a Petition for Probate with the decedent’s local probate court. If there is no will, the document will be a Petition for Administration.
Before the initial probate hearing, all heirs must be notified by you, as well as any heirs who would inherit by state law if there wasn’t a will (even if there is a will).
A probate hearing will be held by the court to approve your appointment as executor. This hearing is usually just a formality, and you may not be required to attend.
Objections to appointment: interested parties have the right to legally challenge your appointment as executor, regardless of the reasons you were appointed.
If the court requires it, you must obtain a probate bond before officially becoming the estate’s executor. This bond protects the estate from any losses you may cause. The bond’s requirements can depend on the estate size, jurisdiction, if you reside in the same state, and other factors.
The final step in being officially approved after the probate hearing has been held is to receive your official documents from the court declaring that you are the executor of the estate. These documents are commonly referred to as your “Letters.”<br /><br />Preparing to Become Executor
To effectively execute the role of estate executor, there are some things you can do in advance that will prove helpful in performing your duties and will lower the stress levels of everyone involved in settling the estate. These include:
Determine the location of essential items: such as the original or copy of any will, advance medical directives, social security number, location of keys and combinations, property deeds and vehicle ownership certificates, information on outstanding debts, tax submission information, and funeral arrangements that have been prepaid.
Obtain power of attorney: though power of attorney will become void when the estate owner dies, having this authority in the final stages will give you the ability to make important decisions and take appropriate action.
Access to safe deposit boxes: have the estate owner add you to the bank’s list of people who can access any such boxes.
Explore funeral options: this is usually much easier done in advance and eliminates a stressful, and sometimes emotional, process during a very challenging time for the decedent's family.
Acting as Executor
You are entitled, upon the death of the estate owner, to act as executor if:
The will names you as executor
If there is no will, you are first in line to serve according to state law (e.g., surviving spouse, child, or other relative)
Or, the local probate court has named you as the estate’s executor
If the estate is required to pass through probate, the court will officially need to appoint you, regardless of any other criteria listed above. If the estate isn’t required to go through probate, you don’t need an “official” appointment.2022-03-04T11:18:00-07:002022-06-30T06:20:27-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12166Choosing an Executor For Probate In TexasThe first step in the eventual settlement of an estate is selecting the individual who will serve as the executor of the estate. This is a critical decision that the estate owner must make since the <a href="https://www.citiesrealestate.com/blog/what-is-an-executor/" title="What is a executor">executor</a> will accept the responsibility of settling the estate.
Choosing an executor has significant ramifications for the estate owner. The executor’s actions will have an impact on the owner’s legacy, and they bear the responsibility of ensuring all final obligations are fulfilled and that the estate’s assets are distributed per the owner’s wishes
It also has significant implications for the person selected as the executor, considering the considerable time and effort that will be expended and the legal and financial risks they’ll assume.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/" title="whats my home worth">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Selection Criteria
There are many factors to consider when choosing an executor:
Ability: the role of an executor requires the ability to organize, act responsibly and with sound judgment, adhere to schedules, and understand financial matters. An executor doesn’t need to be an expert in all things or personally fulfill all responsibilities. Most executors will hire various professionals to assist with certain aspects of the estate, including attorneys, accountants, real estate agents, cleaning services, etc. Above all, the executor must conduct themselves fairly and ethically.
Health: candidates to be named executor should be in good health presently and expected to remain so for the foreseeable future. The estate owner should update their will if the chosen <a href="https://www.citiesrealestate.com/blog/what-is-an-executor/" title="What is a executor">executor</a> becomes incapable of performing their expected duties or passes away.
Finances: candidates should have excellent credit since an executor bond may be required for the estate, depending upon the will and particulars of the estate.
Location: ideally, the potential executor will live in the general vicinity of the estate owner’s residence and physical possessions. This makes it much simpler for them, rather than someone living hundreds of miles away. In addition, some states require out-of-state executors to obtain an “in-state agent,” which is not difficult to do.
Communication skills: clearing an estate can be challenging and fraught with delays. Heirs and other interested parties can become anxious if they aren’t kept informed about what is happening – an effective executor can skillfully keep everyone calm and reasonably patient.
Criminal record: it should be noted that convicted felons cannot usually serve as executors.
Older adults frequently select an adult child to serve as <a href="https://www.citiesrealestate.com/blog/what-is-an-executor/" title="What is a executor">executor</a>, while younger adults often choose a parent or an aunt or uncle.<br /><br />Agreement to Serve
Estate owners should talk with their desired executor in advance and fully explain the role and its responsibilities. The executor’s job isn’t easy, often requiring more than 500 hours of effort over 16 months. They must notify government agencies, clean out residences, pay off debts, file taxes, distribute assets to heirs, and more.
The executor should also be aware they’ll be exposed to financial and legal risks, since failing to act in accordance with the law can result in stiff penalties, including jail time in extreme cases.
Once an executor agrees to serve, the estate owner’s will should be modified immediately, explicitly naming them as executor. Estate owners can supply the named executor with a copy of the will or inform them where to find it when the need arises.
Newly chosen executors should also be provided a high-level overview of the estate by the owner, along with instructions on gaining access to estate particulars once the owner has passed away.<br /><br />Alternate Executors
Though an executor has been chosen, approached by the estate owner, and agreed to serve, that doesn’t obligate them to do so when the time comes. An executor can always change their mind before the estate owner dies, and even midway through the settlement process. For example, they may decide they no longer have enough time, have health issues, or have a falling out with the estate owner since the drafting of the will.
Because this can happen, it’s prudent for an estate owner to name an alternate executor. If an alternate isn’t named and the named executor can’t or won’t serve, the local probate judge will assign an executor, usually a close relative or legal professional.<br /><br />Multiple Executors
Estate owners sometimes name more than one person to serve as executor. This is done to prevent the appearance of favoring one child over another, and to ensure fairness and transparency. It is also done if an estate is so sizeable that it would be too much of a burden for one person.
However, there are several downsides to naming multiple executors. Courts and financial institutions often require co-executors to sign documents, which can be a burden logistically and can become particularly problematic if not all executors agree on a particular course of action.
Having multiple executors can also increase fees, which reduces the size of the estate that will eventually be distributed to the heirs.<br /><br />Professional Executors
Appointing a professional to serve as the executor of an estate brings certain advantages. They understand the estate process and can more easily follow all rules and regulations, and be trusted to act impartially and with the fairest and highest ethical standards.
The downside of a professional executor is that it’s unlikely they’ll be concerned about the estate owner’s legacy as much as a family member or close friend will. They also won’t know the interpersonal dynamics of the individuals involved and may not make certain decisions or resolve conflicts the way the estate owner would have preferred.<br /><br />Executor Fees
An executor, professional or not, is typically compensated for their services. If compensation isn’t specified in the will, state law will determine the amount to be paid. Since regulations vary so widely by state, many estate owners state in their will that they’d like their executor compensated according to default state law, along with any modifications they’d like to make to the compensation (such as an additional fee of $10K, for example).<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-03T06:49:00-07:002022-06-29T15:30:11-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12146What is an Executor For Texas Probate Courts?The executor of an estate is the person responsible for settling the estate of someone who has passed away (decedent). This individual is often an adult child of the decedent or another close relative. It can also be an attorney, a personal friend, or someone appointed by the courts.
You may also hear executors referred to as the:
Executrix: often used when the executor is female.
Administrator: if the courts appoint an executor because the decedent died intestate (without a will), that person is known as the estate “administrator.”
Personal Representative: some jurisdictions using the Uniform Probate Code refer to executors as a “personal representative.”
For simplicity, Cities Real Estate will use the generic term “executor.”
Duties & Responsibilities of Executors
Looking at the role from a 10,000 foot view, the role of the executor is very straightforward: manage and bring to a close a decedent’s estate. This includes:
Discovering, managing, and protecting the assets of the estate
Filing legally required paperwork
Resolving debts
Paying applicable taxes
Distributing net assets to heirs in accordance with the will or applicable statute if there wasn’t a will
An executor has a fiduciary duty to fulfill each of these responsibilities, meaning they must act in the best interests of the estate, not their own personal interests. In addition, they must follow what most states describe as the standards of a “reasonable, prudent individual.”
The primary duties and responsibilities of executors include:
Arrange the funeral
Collect and inventory estate assets
Initiate probate (if required)
Protect and manage estate assets
Notify required parties
Pay required taxes
Resolve estate debts
Distribute net assets to rightful heirs
Account for results
Settle the estate in a reasonable period of time
Act in the estate’s best interests
Follow the law
Act ethically
Time & Effort Required of an Executor
Serving as an estate’s executor requires significant time and effort. On average, it takes approximately 16 months and 570 hours of work by an executor to settle an estate (varies on the size and complexity of an estate). An Executor’s Assumed Risks
There is an element of financial risk inherent in being an estate executor.
An executor can be fined by the courts or sued by other parties if they feel the executor has failed to fulfill their duties. Legitimate grounds for lawsuits include failure to act in a timely manner, failure to follow the terms of the will, failure to adequately manage or protect assets, engaging in illegal activities, and more.
Executors can also be held personally liable for mistakes they make that result in financial losses to heirs. For that reason, courts often require executors to post bonds to cover damages.
Unintentional mistakes can also be costly to an executor. For example, an executor who distributes assets before the entire settlement is complete, then later discovers there aren’t sufficient funds to pay remaining debts, could be held liable and become personally responsible for fulfilling the remaining obligations.
Finally, because of liquidity issues concerning assets or the inaccessibility of estate funds, executors may sometimes have to spend personal funds to cover estate expenses until they can be reimbursed by the estate. Compensation
Because of the aforementioned risks involved with being an estate’s executor and the time invested in fulfilling the responsibilities, executors are generally compensated for their efforts. Laws and accepted practices vary by state and sometimes local jurisdictions. Compensation may be expressed as a percentage of the estate’s value, calculated in terms of the effort needed to be expended, or additional factors.
Naming Multiple Executors
On occasion, a will may name multiple individuals as co-executors of an estate. This can complicate the settling of an estate because executors must agree unanimously on actions concerning the estate. If one of the executors relinquishes their duties, an alternate executor named in the will or an executor appointed by the court will replace that executor.
In the case of multiple executors, compensation is typically split amongst them; share size is often determined upon individual effort expended. However, some states do have specific rules for handling the payment of multiple executors.<br /><br /><br /><br />Becoming an Executor
Ideally, a person writing a will names an executor in advance, discusses the role and responsibilities with the named executor, who will then have the opportunity to accept or refuse the offer.
However, sometimes the person writing the will names an executor in advance without informing that individual, who is then surprised by discovering the assignment upon the death of the person who wrote the will. If the named executor decides to decline the assumption of the role of executor, most states will honor their decision.
In such cases, the court will appoint an executor if no one else assumes the role since the estate requires an executor.
<br /><br /><br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-02T10:05:00-07:002022-06-28T17:36:53-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12092Attention Buyers & Realtors: Best Practices For Offers to Cities Real EstateWe’ve both worked hard to get to the point of offer submission. Our team at Cities Real Estate has built a relationship with the seller and has spent countless hours preparing the property and the listing. You’ve established trust with your buyer and invested your valuable time helping them find a property they’re eager to own. Now, our paths are about to cross, and you’re ready to submit an offer.
1. It's not about the highest offer.
2. It's not about the appraisal wavier<br /><br />
3. It really comes down too are you going to cause me issues 15-30 days into a deal with you.
As professionals, even though a negotiation is about to begin, we both want a win-win and for each client to enjoy this transaction. We also want to build our businesses and provide for our own families. For this to happen, the offer process must move quickly and smoothly.
Unfortunately, in our profession, this is where the wheels often come off. Transactions that could have been successfully completed become train wrecks that leave disgruntled clients in their wake and realtors at odds with each other.
To increase the odds of everyone in our transaction experiencing a happy ending, we’ve developed a list of six best practices for submitting offers to Cities Real Estate that will not only get your client in their new home sooner, but will also make you look like a superstar, which ultimately means more repeat business and referrals for your business.
Submit your highest and best offer first. Properties are moving fast in this market, and submitting lowball offers wastes everyone’s time. Worst of all, clients miss out on homes they would have spent many happy years living in.<br /><br />
When making offers, don’t set critical contract dates to expire on Fridays, Saturdays, or Sundays. We work on Fridays and Saturdays when necessary, but never on Sundays. For the most part, our weekends are reserved for open houses, birthday parties, and date nights.<br /><br />
Submit all offers to Offers@citiesrealestate.com. We ask you to do this so our whole team sees the offer, not just the Managing Broker. David Pannell does not check email Friday through Sunday.<br /><br />
Note our suggested Title: Kathy Montes, 2800 S. Hulen Street, Fort Worth, Texas, 76109. Kathy’s email is kathy.montes@carlisletitle.com; her phone number is (817) 203-2356.<br /><br />
Set a closing date 30 days out. Please don’t set the closing date on a Friday, weekend, or holiday. All closings with our office will be between 12 pm and 5 pm. Keys to the property will be available at our office or the title company (preferred).<br /><br />
Submit the earnest check to Trinity Title, Attention: Kathy Montes, 2800 S. Hulen Street, Fort Worth, Texas, 76109.
Other small, yet essential, requests we ask that you respect:
Title policy – paid by buyer<br /><br />
Survey – seller will provide existing if on MLS, but buyer must pay for a new one if needed<br /><br />
Option fee: $500 paid by cashier’s check. Deliver to 1106 Samuels Ave, Fort Worth, Texas 76102.<br /><br />
Earnest check to Trinity Title, Attention: Kathy Montes, 2800 S. Hulen Street, Fort Worth, Texas, 76109<br /><br />
3rd Party Finance Addendum period – no longer than 14 days
Cities Real Estate has put systems in place and employs administrative assistance and closing coordinators to ensure a successful closing. Please follow these guidelines, and know that we appreciate the opportunity to work together with you and your client.<br /><br />Thank you,<br />David Pannell<br />Broker Extraordinaire, U.S. Marine, All-Around Nice Guy2022-02-25T20:33:00-07:002022-11-06T14:24:13-07:00David Pannelltag:citiesrealestate.com,2012-09-20:11972How To Prepare Your Estate to Avoid Probate in Texas if You’re 55+<img src="https://assets.site-static.com/userfiles/728/image/55/How_To_Be_Prepared.jpg" alt="55+ Communities Fort Worth" title="55+ Communities Fort Worth" width="1200" height="628" />
You’ve spent a lifetime accumulating assets - real estate, personal possessions such as jewelry or antiques, savings and investment accounts...all of the things that make up your estate. The last thing you want to have happen when you pass away is to make your loved one’s head to court to receive their inheritance and go through the dreaded probate process.
For that reason, many adults 55+ take the time to plan their estates to ensure that their loved ones obtain their bequests as painlessly as possible. Fortunately, Texas offers its residents many ways to avoid exposing their beneficiaries to probate, from establishing trusts to utilizing specialized deeds for real estate.<br /><br />Why You Want to Avoid Probate
There are many reasons why you want to have your estate avoid going through probate, including:
Privacy. All probate proceedings are a matter of public record. Unfortunately, many unscrupulous and predatory individuals and businesses target beneficiaries during a very emotional time.<br /><br />
Cost. Your loved ones will most likely need to bear the expense of hiring an estate executor, which can take a bite out of their inheritance and cause the liquidation of some assets to pay executor costs.<br /><br />
Time. The probate process can take months, delaying the passing of your assets to your beneficiaries.<br /><br />
Contestability. Probate provides more time for an estranged relative or disinherited heir to bring a lawsuit against the estate.<br /><br />
Turmoil. You don’t want your family having to resolve their affairs in court while they’re grieving.
<br /><br />How To Avoid Probate In Texas
There are numerous ways to make sure you’re estate doesn’t go through probate:
Living trusts: This is a common method to avoid probate in Texas. By forming a trust, you’re essentially creating a sort of safety deposit box into which you can deposit almost any asset. Once you’ve created the trust and named a successor trustee who will manage the trust when you die, you can begin transferring assets into the trust and naming heirs. Then, upon your death, those assets will pass to your beneficiaries without having to go through probate.
Joint ownership: There are two different forms of joint ownership in Texas. The first, joint tenancy, may be employed by single or married people. When two or more people are joint tenants, and one tenant dies, the survivor automatically receives the deceased person’s ownership stake.
The second, survivorship community property, can be used by married couples. Community property will revert over to the surviving spouse upon the other’s death.
Small estate procedures: If an estate meets very specific criteria, such as not being worth more than its outstanding debt or leaving beneficiaries under $75,000 in property, the estate administrator can request to close the estate through a small estate affidavit.
Transfer-on-Death Deed (TODD): Also known as a Lady Bird Deed, this deed allows an individual to name a beneficiary for their home or other real property. The deed must be recorded while the property owner is still living, but the deed doesn’t take effect until the owner has died. While the property owner is alive, the intended beneficiary has no rights to the property.<br /><br />Trust David Pannell and Cities Real Estate
David Pannell and Cities Real Estate understand how probate works in Texas and how to position your real estate accordingly. David’s knowledge can save you and your family a small fortune while you’re alive, and when you pass.
If you’d like to learn more about the ways to sell your property for your family’s maximum benefit, call David today at (817) 797-9047. He’s helped hundreds of buyers and sellers since 2005; let him help you make your real estate dreams come true.<br /><br />
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2022-02-18T07:05:00-07:002022-02-24T17:37:26-07:00David Pannelltag:citiesrealestate.com,2012-09-20:11941The Ins & Outs of Estate Sales<img src="https://assets.site-static.com/userfiles/728/image/55/The_Ins__Outs_of_Estate_Sales.jpg" width="1200" height="628" /><br /><br />Having dealt with real estate probate and estate sales, we’re acutely aware that many people have a certain amount of anxiety when it comes to selling items that have been in the family for some time and hold a degree of sentimental value. We’ve helped many families as they go through this stage of a property sale, and we’d like to answer any questions you have about estate sales.
We’re only a phone call away, but we’re providing this written resource for starters. Here are a few FAQs about estate sales, as well as a checklist we’ve assembled to help you maximize your profitability from a sale while maintaining your sanity.
<br /><br />Isn’t an estate sale just another name for a garage sale?
Not at all. A garage sale is typically held by a homeowner selling a collection of things they no longer want or find useful. An estate sale is usually professionally run and is intended to sell all of the items in a home. Buyers expect to pay more per item at an estate sale, which often includes furniture, china, antiques, jewelry, yard, and garage items.
Who uses estate sales services?
Executors of estates, people moving to a retirement or nursing home, a family downsizing to a smaller home, or anyone needing to sell most of a home’s contents.
Who determines pricing?
If you use an estate sale professional, they will typically determine prices based on their experience, and their research and knowledge of the current market value for your area. As a client, you have the opportunity to review and approve the pricing of any and all items.
Do I need to be available during the sale?
Being there is totally optional for you, and many estate sales services prefer that you not be there. Many times, it’s very emotional to watch family items go up for sale; heirlooms carry sentimental value. And, many times, family members live in another state. However, you can absolutely be present if you wish.
What services does an estate sale service provide?
Professionals will pretty much do everything for you. They’ll sort, organize, clean, set up, display, and price everything in the house, yard, and garage. They’ll then conduct a marketing campaign to advertise the sale. Finally, after the sale is completed, they’ll make sure all remaining items are disposed of according to your wishes and make sure the home is professionally cleaned.
How are estate sale services paid?
A reputable service will charge you nothing upfront. They work on a percentage basis of the total sale proceeds; the fee is deducted from the money collected at the sale. You will typically have your portion of the proceeds within 10-14 days from the sale’s completion.
Some Do’s and Don’ts of Estate Sales
Here are half a dozen tips we can share with you from our experience to help you have a more prosperous, less stressful estate sale.
Start by having heirs take memorabilia and inherited items before professional estate sales professionals view the property.
Don’t throw anything away. As the saying goes, “One person’s trash is another person’s treasure.”
Don’t hold a yard sale first. Estate sales professionals know what’s valuable and what’s not, and they’ll help you get a better sales price for your items.
Don’t sell anything to anyone before your scheduled estate sale. Local antique dealers love to come in and buy from estate homes. They try to “take the best and leave the rest,” leaving the estate sale service little to attract buyers. Selling off items before the sale will cut into your profitability.
Keep your homeowner’s policy in effect until the home is sold. This will cover all of the estate sale items in case of liability or damage.
Read the estate sale contract. Questions should be asked and agreements reached before you sign an agreement.
David Pannell & Cities Real Estate can help you and your family realize maximum profitability when you’re selling your home and having an estate sale. We won’t manage the sale of your possessions, but we will handle the sale of the home.
We can’t eliminate all of the stress related to probate sales and estate sales, but our experience in this area will make sure you and your family remain calm and confident during the entire transaction.
Give David a call today at (817) 797-9047. We’re here to help with all of your probate sales needs.2022-02-15T13:15:00-07:002022-02-19T12:37:21-07:00David Pannelltag:citiesrealestate.com,2012-09-20:118825 Tips For Selling Your Home “As Is”<img src="https://assets.site-static.com/userfiles/728/image/55/Sales_As_Is.jpg" width="1200" height="628" />
Selling your home can be hard work – repairs, yard work, updating old kitchen cabinets, and more. Much more.
Fortunately, there is an easier way to sell your home: selling it “as is.” Rather than investing time and money sprucing up your property, you just sit back and do nothing at all. Instead, you let the property speak for itself, warts and all, and you wait for someone to love your home just the way it is.
Why would someone want to sell this way? Maybe they need to relocate quickly because of a job opportunity. Or, they can’t stand the idea of living in a construction zone. Or, they’re just lazy and don’t mind admitting it.
Whatever the reason, many people are selling their home “as is” in this seller’s market we’re currently in. Buyers are much more willing to overlook blemishes in a home when competing buyers are lined up and not asking for much in the way of concessions, including fixing things.
At Cities Real Estate, we’ve worked on hundreds of transactions with “as is” sellers, and we’re happy to share these five tips with you about the process and its pitfalls.
Tip #1: Tell everyone it’s for sale “as is”
There are bargain hunters galore out there in today’s market, and advertising your home for sale “as is” serves as a beacon for them. In addition, it saves you from wasting a lot of time with potential buyers who want to haggle with you over fixing things.
Out of fairness, keep in mind that when you tell the market that you’re selling “as is,” you need to price it accordingly. For example, if a fair asking price for your home is $250,000 and your roof needs to be replaced for $25,000, you should knock that off of your asking price.
Tip #2: Disclose known defects
If you want to avoid a buyer taking you to court after the sale of your home, you need to tell them “everything you know about” when it comes to your home’s condition.
Ignorance may not be bliss when it comes to your health, but it may be when it comes to defects when you sell your home. If you don’t know about them, a judge will probably not hold you liable if you didn’t disclose something you should have. For example, if you inherited a home and didn’t know about something like lead-based paint used years ago, you probably would have nothing to worry about.
If in doubt, ask your realtor.<br /><br />Tip #3: Expect an inspection
Even though you won’t be responsible for fixing anything, your buyer may still want to perform some “due diligence” by ordering a home inspection to see what kind of shape the home is in. And, if they don’t like what they see, they may walk away from the deal with their deposit clasped firmly in their hand.
Worse yet, you’re legally required to share that information with future buyers now that you know about it. It may not scare every potential buyer off, but it will likely open up discussions about repairs or compensation.
Tip #4: Lenders may want an appraisal
If the buyer’s getting a mortgage, their lender may require an appraisal to make sure they’re not lending money on a “lemon.” With an appraisal, they’ll dish out only what they deem the house is worth, which can always mean bad news. You might need to cover the difference or make repairs the lender demands. Of course, you can always refuse, but the buyer can walk away from the deal, too.<br /><br />Tip #5: Work with a realtor who has “as is” experience
There’s definitely an art to selling “as is.” It seems simple enough, but a realtor without experience in this market niche can make some simple mistakes that can be costly to you as a seller.
David Pannell of Cities Real Estate, Fort Worth, Texas, is an “as is” expert. He’s successfully closed deals like these throughout Texas since 2005 – it’s how he cut his teeth in the business.
David is a realtor you can trust. He served in the United Marine Corps and as a City of Arlington, Texas, police officer. Call David today at (817) 797-9047 and let him know what your real estate goals are in 2022. Put his experience to work for you; you’ll be glad you did.2022-02-10T08:42:00-07:002022-02-21T07:43:55-07:00David Pannelltag:citiesrealestate.com,2012-09-20:11809Lady Bird Deed in Texas - Advantages and DisadvantagesHow does a Lady Bird Deed Work In Texas?
A Lady Bird Deed in Texas gives you the best of both worlds as a property owner. You can transfer the ownership of real property to someone and still keep the ability to use and dispose of that property, including selling it, for the rest of your life.
With a typical life estate, as the grantor and holder of the life estate, you owe a responsibility to whoever is going to receive the property after your death to preserve the property’s value, and you can’t sell or mortgage the property, or change the grantee, without the current grantee’s consent. You also can’t cancel the deed and rescind the grantee’s remainder interest.
A Lady Bird Deed, however, is known as an “enhanced” life estate because you retain these rights:
The right to sell the property and keep the proceeds
The right to mortgage the property and use the equity for yourself
The right to revoke or amend the deed
The right to a life estate in the property, including rights to use, possess, and collect income from it for life
To qualify as a Lady Bird Deed, all of these rights must be specified clearly in the deed.
In Texas, Lady Bird Deeds are typically used for homestead property to allow a grantor to keep the homestead until death and then transfer it automatically to a grantee without the necessity of probate.<br /><br />Advantages and Disadvantages of a Lady Bird Deed
A Lady Bird Deed offers you, the grantor, certain advantages:
You can continue to use and profit from your property during your lifetime, and you can choose to revoke the deed any time you wish
The property is not included in your estate at your death, and it transfers automatically to the remainder beneficiary without the need for probate
There is no federal gift tax since no present value is transferred to the grantee when the deed is created
The home receives a stepped-up basis to its market value at the time of your death. This helps minimize the capital gains tax consequences if the grantee sells the property
If you continue to maintain the property as a homestead, it retains the homestead and other tax exemptions under Texas property tax law
If you need Medicaid for nursing home or long-term care costs, it helps preserve assets
Like virtually everything else, a Lady Bird Deed carries with it some disadvantages:
A Lady Bird Deed only applies to real property. Any of your other financial assets still have to be disposed of through a will, trust, or some other instrument
A Lady Bird Deed doesn’t establish guardianship for small children. If your Lady Bird Deed names your child as remainder beneficiary and the child is a minor when you die, a guardian will need to be appointed for that child until they reach the age of majority
A Lady Bird Deed is not an efficient vehicle to leave your property to multiple remainder beneficiaries
If a child is the only beneficiary and splits the proceeds with other siblings, the child who inherited the property will have to pay federal gift taxes on the proceeds they shared
Title companies are sometimes reluctant to insure title to property subject to a Lady Bird Deed, especially if there are multiple remainder beneficiaries
Unlike a will, a Lady Bird Deed can’t specify what happens if your grantee predeceases you
Lady Bird Deeds and Medicaid
Because of the exorbitant cost of nursing home care (around $95,000 per year for a semi-private room) and fewer insurance companies selling long-term care policies, many people are finding themselves turning to Medicaid when it comes to certain long-term care costs, including the cost of nursing home care.
For you to be eligible for Medicaid benefits, the government examines your assets, including real property, to determine if you have the resources to pay for your own care. Generally, the equity you have in your primary residence isn’t included in this assessment of your assets.
But, you must also disclose assets you gave away or disposed of over the previous five years (the “look-back period”). If you transferred property for less than its fair market value during the look-back period, you will be penalized, and you may not be declared eligible for Medicaid benefits when you need them.
Here’s where the Lady Bird Deed is a financial life-saver. Because no interest in present value is transferred, a Lady Bird Deed doesn’t create a transfer of property subject to the look-back provisions. And since at your death the property automatically passes to the grantee without being part of the probate estate, the property isn’t subject to the state’s Medicaid Estate Recovery Program where it’s required, if you received Medicaid benefits, to look at all assets contained in your probate estate for the recovery of Medicaid claim payments made on your behalf.
Lady Bird Deed vs. Quitclaim Deed
There are several other types of documents that are likely to be considered in any estate plan, including the quitclaim deed. The problem with a quitclaim deed is that it transfers full ownership of the property to the grantee upon execution of the document. Because of this, you not only won’t continue to live on the property, you won’t receive any of the other numerous benefits of the Lady Bird Deed listed above.
Trust David Pannell and Cities Real Estate
David Pannell and Cities Real Estate understand the benefits of the Lady Bird Deed and how to use those benefits to your advantage. Why work with a realtor who doesn’t know or use the advantages provided by the state of Texas, which can save you and your family a small fortune while you’re alive, and when you pass?
If you’d like to learn more about the Lady Bird Deed or other ways to sell your property for your maximum benefit, call David today at (817) 797-9047. He’s helped hundreds of buyers and sellers since 2005; let him help you make your real estate dreams come true.2022-02-04T09:56:00-07:002022-11-13T09:41:00-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12276How Can We Help You? Probate Questions?We have a team member for every task the attorney’s don’t do?
Nearly 77% of estate homes in our area expire with no offers because they are overpriced and under-marketed. If we can get involved early, we can save the estate a lot of money — sometimes tens of thousands of dollars. That’s because we do so much more than put a “For Sale” sign in front of the property.
We help sell items from the house, get it cleaned out, and suggest repairs that our experience shows increases the sales price. We start by understanding the family's goals.
Then, we'll make suggestions and give you options to help you sell the property and move on with your life. After the sale of the estate’s property, we can show you how to invest your profits or protect your assets for the future.
<br /><br />Questions concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
2022-01-11T11:54:00-07:002022-06-28T12:28:41-07:00David Pannell