Many Texas families, who have been able to build successful businesses and accumulate significant wealth, will lose their wealth through failure to communicate essential information to heirs or beneficiaries and lack of understanding of probate, trust, and inheritance issues. As a Texas Family Business Inheritance Lawyer, Jason Coomer works with family members throughout the World to protect, claim, and transfer wealth including family businesses, Texas family farms, and Texas oil and gas mineral interests. For questions regarding Texas inheritance law, protecting family businesses or property through probate, claiming family wealth, and clearing title to real estate after a death, please feel free to send an e-mail message to Texas Family Business Inheritance Lawyer Jason S. Coomer or use our contact form to submit an inquiry regarding a Texas Real Estate Inheritance or Texas Family Business Inheritance Matter.
Many Situations Can Cause Texas Inherited Real Property and Texas Family Businesses To Become Trapped After The Death of a Family Member: Failure To Clear Title To Texas Inherited Real Property and Texas Family Businesses Can Result In The Loss Of Family Wealth
After a family member dies, their real property or business can become stuck in the inheritance process and if proper action is not taken it can be lost to foreclosure, taxes, competitors, non-family members, or the State of Texas. These situations are especially common when the person dies without a Will, leaves no instructions as to what they want done with their possessions after they die, and/or has no accurate inventory or accounting of their wealth. In these situations, Texas real property and Texas businesses will need to be transferred under Texas intestate law. As such, it is important to understand what Texas intestate law says on how the estate should be divided and how title to the real estate and ownership of the business can be transferred.
In addition to the issue of intestate succession, there are also a number of other common situations that can cause inherited real property and businesses to become stuck. The first situation occurs when the family is unable to move forward with the probate process because of lack of resources. The second situation occurs when the family is unable to move forward with probate because of proximity issues. In other words, the heirs do not live in Texas or close to where their loved one died. In a third situation, family members can start fighting over their loved one's estate. In a forth situation, there is not sufficient information to know the amount of or location of wealth that needs to be transferred. In other words, the family member that died or become incompetent did not do sufficient estate planning or communicate with their family members regarding their wealth. In all these situations, Texas real estate and businesses can become stuck for years or can even be lost.
Clearing Title To and Transferring Texas Real Property and Texas Businesses Through Probate Usually Requires The Services of One or More Texas Family Business Inheritance Lawyers
Depending on the reason that caused Texas inherited property or a family business to become stuck in the probate process, the solution may be hiring a Texas family business inheritance lawyer or a Texas real estate inheritance lawyer. In the situation where the surviving family cannot afford the probate process, a Texas real estate inheritance lawyer or Texas family business inheritance lawyer can sometimes work out a contingent contract or a hybrid contract where the lawyer will work to clear title to the Texas real property or family business so it can be sold or mortgaged allowing the heirs, beneficiaries, court costs, attorney's fees, and other expenses to be paid out of the sales proceeds of the real property or business. In these situations, families can often prevent losing inherited wealth through foreclosure or taxes.
In the situation where the family lives outside of the State of Texas, a Texas real estate inheritance attorney can often be appointed the local agent for the administrator or executive and help with many of the tasks that need to be handled in administering the estate. This can greatly limit the need for the family to make numerous trips to Texas or the county where their loved one died and allow a busy family member to handle probate issues without a significant drain on their time.
In situations where the heirs and beneficiaries start fighting, it is often necessary for multiple Texas real estate inheritance lawyers to become involved. In these situations, it is typically best for each side to have their own legal counsel to advise them as to their rights under Texas law and if necessary to have legal counsel that can advocate for their rights. These contested probate lawsuits can be expensive, but can be necessary when someone is attempting to steal family inheritance or the family needs experienced legal help to settle a disputed probate matter and prevent the loss of inherited real estate in Texas.
What Is Inheritance?
Inheritance is the practice of passing on wealth or obligations upon the death of an individual. This allows parents to pass on land, businesses, stocks, jewelry, and other wealth to their children and people that they love. It is estimated that in the United States over $200 Billion each year passed down through inheritance to heirs and beneficiaries. Through Wills and intestate laws, Texas courts determine who are proper heirs and beneficiaries and allow tremendous amounts of wealth to be inherited each year. The amount of that will be passed through inheritance is expected to continue to increase in the next 20 years as Trillions of Dollars in wealth is passed on through inheritance.
Texas Unclaimed Wealth (Real Estate, Oil Interests, Bank Accounts, & Stock)
The State of Texas is currently holding over $2 billion in assets in Texas Unclaimed Property. This property is entrusted to it from a variety of sources, including unclaimed utility deposits, dormant bank accounts, unclaimed wages, safety deposit boxes, insurance policies, royalties, and uncashed checks. Claiming this property is not always easy as many of the people that originally owned or were entitled to this property have died or become incapacitated. As such, to claim the assets that belonged to these people, their families will need to go through probate before the heirs or beneficiaries can claim the assets. For more information, please see the following web page: Texas Unclaimed Property Inheritance Lawyer Helps Families Claim Lost Wealth.
Texas Real Estate Inheritance Lawyer and Texas Family Business Inheritance Lawyer Jason S. Coomer Works with Heirs and Families Throughout The World to Claim and Clear Title to Wealth
Texas Real Estate Inheritance Lawyer and Texas Family Business Inheritance Lawyer, Jason Coomer works with heirs and families throughout the World to claim and clear title to wealth. For questions on Texas Wealth Inheritance and clearing title to Texas inherited real property or Texas family business inheritance, please feel free to send an e-mail message to Texas Real Estate Inheritance Lawyer and Texas Family Business Lawyer, Jason S. Coomer or use our contact submission form.
The Law Offices of Jason S. Coomer, PLLC
406 Sterzing, Second Floor
Austin, Texas 78704