if a will was established 10 years ago in Texas, but the liquid assets have shrunk, How can the inheritance be divided up now?

Question

if a will was established 10 years ago in Texas, but the liquid assets have shrunk, How can the inheritance be divided up now?

Answer

In Texas, you only have 4 years to probate a Will, and to do so, you will need to retain a qualified probate lawyer to assist you in this probate litigation process.

- Next, I would need to see the Will in order to determine if there was a percentage of distribution or a set amount given to each heir.

- If it was a percentage of distribution to set heirs, then, the value of the assets at the time the Will was probated would be used, and not what they were when the Will was signed..

- However, if the Executor did not probate the Will when he should have and he waited and now there is a loss in value of the assets, the heirs may be able to file suit against the Executor, possibly for breach of a fiduciary duty. This issue would need to be researched as to liability if this were the case.

- Next, if the Will specifies that particular heirs are to get a specific amount of liquid assets and now, there is not enough liquid assets to distribute those amounts to the heirs, the Executor may need to sell off the non-liquid assets to make up for the lack of liquid assets.

- Again, I would need to see if the Will provides for this occasion, as when I draft my Wills for my client's, I include a provision which explains what to do if there are not enough assets at the time of passing.

- if there are not enough assets to distribute and the Will does not provide an answer, the heirs may need to litigate the distribution of the assets left through the probate process in court, and then let the probate Judge decide, and again, this may be a breach of duty issue on the part of the Executor if the Will was not probated in time and the assets lost value, but this issue would need to be investigated further.

- I would need to see the Will and the documentation of the assets of the estate of the deceased in order to answer this questions as these are only generalities.

- In closing, if more than 4 years has passed and you did not probate the Will, we would also need to look at other options to transfer the property and assets and the issues in resolving this matter. Either way, you need to hire a qualified probate attorney to assist you in this matter.

- Goldstein & Scopellite, PC has qualified Probate Attorneys, Estate Planning Lawyers and Trust and Will Lawyers available to represent you at either one of their law offices located in Dallas, Texas and Tucson, Arizona - Please visit their websites at www.LawyersDallas.com and www.Lawyers-Tucson.com for more information or to contact them. Thank you.