A reverse mortgage is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, or a lump sum, typically to supplement retirement income. Unlike traditional mortgages, which decline as you pay down the loan, reverse mortgages rise over time as interest on the loan accrues.

An executor is a person appointed by law to oversee the execution of someone's will after they have died. This role varies depending on the person in question, but in general, it involves gathering assets, settling debts, and distributing belongings to heirs. In most cases the assigned executor is a member of the decedents family or one of the beneficiaries of the estate.

For qualifying cases in the state of Texas a Small Estate Affidavit is often used to avoid a lengthy Probate process. If the decedent did not leave a will, has an estate worth less than $75K and does not have significant debts, often probate can be avoided. A Small Estate Affidavit will also require that all beneficiaries and heirs have mutual agreement on the distribution and disposal of assets.

Even if a decedent leaves a Will probate may be required. If the estate is of large value and contains more than real property and personal belongings probate will be required. If the Will does not clearly define beneficiaries for all assets there will also most probably be a requirement for probate.

A Will, also known as a Last Will and Testament, is a legally prepared and bound document that states your intentions for the distribution of assets and wealth following death.

Probate is the analysis and transfer administration of estate assets previously owned by a deceased person. When a property owner dies, his assets are commonly reviewed by a probate court. The probate court provides the final ruling on the division and distribution of assets to beneficiaries. A probate proceeding will typically begin by analyzing whether or not the deceased person has provided a legalized will.