John R. Vermillion, lawyers in Dallas, TX, Texas

Executors -- Managing the Assets

The best way to consolidate the decedent's liquid probate assets, to pay the decedent's taxes and debts, and to pay and keep track of your administrative expenses as the executor is to open a bank checking account under the title of executor of the decedent's estate.More...

Estate-Tax Valuation -- Real Property

The value of any real property as of a given date is subject to widely differing opinions. If there is no market for the property, it should be valued at (a) the highest price available, or (b) the amount it will bring as salvage, whichever is greater. More...

Executors -- Paying Creditors

Within one to three months (depending on the particular state) after the executor has been appointed, he is required by law to file a "complete" inventory of the estate's assets. The inventory is submitted to the court and, like all other papers submitted to the court, becomes a matter of "public record" (available to anyone who wants to look at it). Briefly, there are two reasons for the filing of the inventory. First, to indicate to the court the items of property for which the executor will later "account" to the court (tell the court in detail what he did with all these items when the estate is settled), and to let the beneficiaries, creditors, and all other interested parties know just what is included in the deceased's probate estate. If the executor delays or refuses to file an inventory, any interested party may ask the court to order him to file one, although if there are no disputes or contests, executors often file their inventories late.More...

What is a Trust?

A trust is related to "trust" in the ordinary sense of relying on another. A trust is a formal arrangement for property management, in the manner of an owner, by another. The management of the property is according to the original owner's directions.More...

Failing to Make and Leave a Will

Although estimates vary, it's pretty safe to say that more than 50 percent of the people who could make and leave a will fail to do so. More...