TexasCHLforum.com

Don T wrote: ↑Thu Aug 08, 2024 7:22 pm

philip964 wrote: ↑Wed Aug 07, 2024 9:38 pm
Its hard to get more letters of testamentary, so getting only what you now think you will need is risky. Get more they are cheap.

Why you make accounts with another person with survivorship. (need to trust the person though) Elderly people have done this with a son or daughter and low and behold the son or daughter takes all the money.

It is definitely not hard to get additional letters testamentary, as long as the estate has not been formally closed. Most experienced probate attorneys never close an estate, because there is always a possibility that other assets for which letters are needed will be discovered, even years later.

The executor or the executor’s attorney can obtain new letters testamentary from the probate clerk in the county in which the Will was probated.

It may not make sense to obtain a large number of letters testamentary initially because many third parties (brokerage companies in particular) will require that recent letters be presented (within last 60 days).

Don T

C-dub wrote: ↑Thu Aug 08, 2024 8:57 am

philip964 wrote: ↑Wed Aug 07, 2024 9:38 pm If there is a will, it is probated with the help of a lawyer. Executor gets letters of testimentary. Get at least 10 or more.

Lawyer was $900, 25 years ago.

Every account will want a letter a letter of testimentary to close.

Spouse gets to live in the house until they leave of their own free will or die.

Probate took about 5 minutes in front of judge. 2 hours at courthouse altogether.

This was a simple case, no one objecting, no drama.

Hardest part was getting Will out of safe deposit box.

I have had friends who have had giant nightmares, benificiaries suing everyone, you name it it happened. The attorneys did really well.

There will be only one account, so only one letter is required. Almost as soon as the account is created I will divide whatever is left by three and distribute to the three grandkids. Then the account will be closed since it will be empty. It is only a little over $6k, but the lawyers are telling me they want a flat fee of $3k to do their part. This is why I don't understand the need for probate. It is not property, not a large sum, and no one is contesting. My sister and I are co-executors and she has asked me to take care of this since it was seemingly so cut and dried.

I can't distribute the money since the CD check is payable to my mom's estate without opening an estate account. I can't open an estate account without a letter of testamentary. I can't apply for that letter without going to court and it seems that in Texas or at least Denton county, only a lawyer can apply for that in court and only probate lawyer at that. It also appears that it must go through probate even though my mom's will spells everything out clearly. Argh!

I guess this is another of life's mysteries.