George Teague Succession Updates

Updated October 8, 2024

A comprehensive guide to the succession process for the George Teague Estate, detailing the steps from beginning to end.

Step 1: Administration Rights

Step 2: Assets Consolidation

Step 3: Interim Account

Step 4: Beneficiary Split

Step 1: Administration Rights

  • Obtain signatures for all siblings /or legally designated representatives
    • File a petition with the court for either regular or independent administration rights
    • Once all signature has been obtained, this process can take up to 3 months due to court closures during the upcoming holiday season
RegularIndependent
Requires a bond with fee of  10%Requires all signatures
Will need judge to approve for each stepLawyer has ability to move forward with next steps and best practices
Additional Fees: Court fee TBD/ per step Curator fee $200/ per step Lawyer court fee $500/ per stepNo additional fees

Step 2: Asset Consolidation

  • Estate will have to acquire a Tax ID account
    • An estate account is opened
    • All accounts are ACH deposited in to the estate account
    • Due to his wallet with identification, bank cards, and keys not being recovered at the time of death, an investigating will be conducted before proceeding to the next step
    • Statements will be examined to ensure that assets were not accessed illegally after or days prior to date listed on death certificate  

Step 3: Interim Account

  • List all assets is gathered
    • Calculate tax & insurance on 301 Hanson
    • Consensus & policy written for property care, property taxes & home insurance
    • Pay remaining Lawyer balance of $1,000 (can be higher depending on admin choice in step 1)
    • Calculate Reimbursement for lawyer retainer fee of $1,500 and other documented expenses

Step 4: Beneficiary Split

  • Checks are cut to every 5 siblings and 1 sibling heir