What is Muniment of Title?
Probating a Will as a Muniment of Title is an abbreviated form of probate where an Executor is not appointed. There is no administration of the Estate since there are no debts. This particular process is unique to Texas, and there are many states that are not familiar with this process.
What are the Requirements for a Muniment of Title?
In order to utilize the Muniment of Title process, a person must show the following:
- Decedent died having a valid Last Will and Testament;
- There are no unpaid debts of the Estate, other than debts secured by liens on real property;
- That there is no necessity for administration, because there are no creditors.
How is Property Transferred Under a Muniment of Title?
Once a Will has been admitted to probate as a Muniment of Title, then each person who owes money to the estate, has custody of property, acts as registrar or transfer agent of any evidence of interest, indebtedness, property, or right belonging to the estate, or purchases from or otherwise deals with the estate should pay or transfer the asset without liability to a person described in the will as entitled to receive it.
In order to transfer property, a person only needs to supply the transferee with a certified copy of the Order Probating Will as Muniment of Title and a certified copy of the Will. The Order and Will are the only documents necessary to effect transfer.
What Assets Can Transfer Under a Muniment of Title?
In theory, an Order probating a Will as a Muniment of Title could act to transfer any property the decedent owned. Unfortunately, most banking institutions and brokerage firms will not accept a Muniment of Title. For this reason, a Muniment of Title proceeding is generally used when the only asset in the estate is real property. This is not to say it cannot be utilized, but many times it is not effective.
Help With Muniment of Title Proceedings
If you have been named as the Executor under a Will, you should try and find out what assets the Decedent owned at his or her death, and what debts may be owed, if any. The more familiar you are with the estate, the easier it is to determine whether a Muniment of Title proceeding is right for you. Once you have gathered enough information and located the original Will, schedule an appointment with our knowledgeable, experienced Probate Attorney. We are here for you, every step of the way.