Quote:
Originally Posted by lawman
When I die my wife becomes sole owner of our farm/home..If she goes first I become sole owner. When both of us are gone our only daughter will inherit the farm/home. What has to happen before a farm/home can be sold after the owner dies? Can it be sold before the will goes through probate? About how long does that take in Texas?
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Well this depends. Texas has several options that depend on various factors. First, is there a will? I am going to assume that because you mention a will that there is a will.
In Texas, some estates (not all) can handled with the will filed as a muniment of title. The will is filed but there is no administration of the estate.
My mom recently died in Texas and I had to decide whether to file her will as a muniment of title or whether to go for probate. She had no debts so I could have theoretically chosen either one. To make this determination, I consulted with a probate attorney. Even though I am an attorney, probate is not my field so I consulted with someone who does work in that area. The point is -- you should consult with an attorney knowledgeable in this area.
In my mom's case I decided to do probate since people outside of Texas don't always understand the muniment of title process and certain things I needed to do would be easier if I was the independent executor and could get an EIN and open an estate bank account. I did seriously consider doing the muniment of title (doing probate instead was a little more expensive although not by a lot).
I am planning to sell my mom's house while the estate is still being probated. Because selling by an estate is a more complicated process I had a real estate agent open title on the house even though it hasn't been listed yet. I've been working through the title company requirements in order for the estate to sell the house
While that is the choice that I felt was best for my situation ...your family's situation might be different. Bear in mind, each state's requirements are different. You should get advice from an attorney knowledgeable about this area in Texas (from your post I assume that the property and you and your wife are in Texas).