Here’s how to learn the duties of an executor
Q: I need information on the duties of an executor when the time comes. Is there a publication on the basics of these duties in the order of importance, like a 1-2- 3 list of what to do?
A: Here are three places to find basic information.
First, go to www.texaslawhelp.org/article/ estate-administration-texas. You will find a series of questions and answers regarding Texas probate.
Second, you can watch a short video by going to www.austinbar.org. Once there, click on “For the Public” and then “People’s Law School.” Then you can watch a video called “What does it mean to be an executor in a will?”
Third, you can also download the “Texas Probate Passport” at www.tyla.org/resource/texasprobate-passport/.
Q: My wife and her brother just finished the probate of their mother’s estate. They sold two houses and have the money in a bank account in both their names. We have heard lots of stories about reinvesting in real estate to avoid capital gains taxes. Is there an advantage to rolling the proceeds into other real estate, or can they invest it in other things?
A: When their mother died, the two houses received a new cost basis equal to the fair market value of the homes on her date of death.
That means there will be little or no capital gains taxes to be paid on the two sales. There
fore, your wife and her brother can split the money and use the proceeds as they wish to invest in other assets without having to invest in like-kind real estate to avoid capital gains taxes.
Q: Can the beneficiary designated in a Transfer on Death Deed be a non-U.S. citizen residing in The Netherlands?
A: Yes.
Q: We purchased our house for cash in 2001, and are now thinking of moving into a retirement facility. We have looked high and low for the deed, and we cannot find it. How do we get a replacement?
A: If you are considering moving into a retirement home, that means you are probably about to sell your house. An easy way to get a copy would be to ask your Realtor to obtain one for you.
Or you could wait until you get an offer, and the contract goes to a title company. As part of the sales process, the title company will look at the ownership history of your home, and you can ask for a copy of the deed at that time.
If you want a copy sooner, go to www.cclerk.hctx.net, click on “Search Records” and then on “Real Property.” Then type your name in the “Grantee” box. You can leave the other boxes blank. You will quickly find the information regarding your home, and you can download the deed after you register.
The information in this column is intended to provide a general understanding of the law, not legal advice. Readers with legal problems, including those whose questions are addressed here, should consult attorneys for advice on their particular circumstances. Ronald Lipman of the Houston law firm Lipman & Associates is board-certified in estate planning and probate law by the Texas Board of Legal Specialization. Email questions to stateyourcase@lipmanpc.com.