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On the 90-day inventory form, you will need to list the following information: The decedents county of residence. The decedents name. Any accounts in the sole name of the decedent and their value. Any joint accounts, the percentage the decedent owned, and their value.
In this case, the fair market value is calculated using an average fair market value from the trading day prior and the trading day after the date of death. That is an average of the average, the average of the high and low prices on those two trading days divided by two.
State law allows for two years for the will to be entered into the court records. However, an heir may file sooner if the executor fails to file within 60 days of the death of the person.
A: A personal representative or person offering a will for probate is required to provide written notice of probate and qualification and of entitlement to copies of wills, inventories, accounts, and other reports, to beneficiaries and heirs.
When a person dies and leaves property that has not been transferred to another person by way of a Trust, joint ownership with a right of survivorship, or direct payments to Beneficiaries (such as from insurance policies or retirement accounts), property in Texas will be distributed through probate.
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Since the heirs own the real estate when the decedent dies, all the heirs must join in selling the property, including signing the real estate contract, deed of sale and other documents incidental to a sales transaction.
If you do distribute an estate before the end of the 10 month period, you may be personally liable as the Executor for any loss incurred as a result.
As a general guideline, an executor is entitled to whatever fee is fixed by the will. Where a specific fee was not fixed, the courts have considered reasonable a fee equal to 5% of the assets.
If there are no kindred of either parent, the whole estate descends and passes to the kindred of the decedents most recent spouse, if any, provided that the decedent and the spouse were married at the time of the spouses death, as if such spouse had died intestate and entitled to the estate.
The list of heirs is given under oath on a form provided by the Clerk of Court. The heirs identified on the list are the heirs of the decedent as provided under Virginia law for a person who dies without a will. The form requires the name, address, relationship to the decedent, and age of each heir.