What if the surviving family needs to use some of the assets to live on?
After the probate court approves the Inventory, Appraisement and List of Claims, the court may award a family allowance for the benefit of the survivors for a period of one year. The family allowance can cause your family financial hardship and financially devastating lost business opportunities. In too many cases the family allowance is not enough, and it often is cut off too quickly to finish a complicated probate. Probate can time consuming. According to a recent independent study, the average Texas probate estate takes about sixteen months when there are no complications. Not having a valid will aggravates the time problem. There may be long delays if the law requires that distant or long-lost relatives be found before the probate process is complete. Then, your probate estate is not closed until all disputes are resolved and all litigation involving your affairs are finally decided. That could take decades! Probate can be expensive. According to the same study, the average probate
After the probate court approves the Inventory, Appraisement and List of Claims, the court may award a family allowance for the benefit of the survivors for a period of one year. The family allowance can cause your family financial hardship and financially devastating lost business opportunities. In too many cases the family allowance is not enough, and it often is cut off too quickly to finish a complicated probate. Back to top Probate can time consuming. According to a recent independent study, the average Texas probate estate takes about sixteen months when there are no complications. Not having a valid will aggravates the time problem. There may be long delays if the law requires that distant or long-lost relatives be found before the probate process is complete. Then, your probate estate is not closed until all disputes are resolved and all litigation involving your affairs are finally decided. That could take decades! Back to top Probate can be expensive. According to the same st
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- What if the surviving family needs to use some of the assets to live on?
