How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55699
Experience:  29 years of experience practicing law, including tax and estate planning.
17027240
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

My father in law passed away recently. They moved in with us

This answer was rated:

My father in law passed away recently. They moved in with us about a year ago and had sold their property. They have joint accounts on all their banking. They have one "Owner Finance loan they receive money from currently". They have a will leaving the survivor all properties etc. Will my mother in law be required to probate the will if there is no estate except the joint bank accounts including the one the payment is received for the monthly payment on the Owner financed loan they receive.
JA: Estate laws vary by state. What state are you in?
Customer: texas
JA: What documents or supporting evidence do you have?
Customer: a will, sale of property documents,, bank accounts
JA: Anything else you want the lawyer to know before I connect you?
Customer: Just need to know if we are required to probate the will. The will was signed by witnesses but never filed in the county office.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Good afternoon. Can you provide me a bit more information? Is the owner-financed loan recorded in the real property records? And, what is the amount owed on this loan? Thanks.

Customer: replied 24 days ago.
It is filed in Harris county,They are the Grantees of the loan and the Grantor pays monthly into an account set up. It is a principal amount of $150,000.00 that was in a Deed of Trust.
Customer: replied 24 days ago.
I have a lawyer here I can call, just wanted a simple fix i guess. Thanks for your time. Please let me know how much I owe you now so I can watch for the charge.

Thanks for following up. Certain assets pass outside probate and thus are not governed by the will and thus do not require probate. These include the following: i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts. Everything you reference (other than the owner-financed loan) would fall within the foregoing and would not necessitate probate. If the borrower will agree to make the payments to your mother in law, then you can avoid probate altogether.

Customer: replied 24 days ago.
Thank you so much. He already pays into their joint account, so technically he is paying her already.

I apologize for the phone call request. JustAnswer sends those out without the input of the experts and we, as experts, have no control. There's no need for a call.

You're very welcome. Then, you can avoid probate altogether. :)

It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Richard and 2 other Estate Law Specialists are ready to help you

Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time!