If you are creating an estate plan in Texas, you might be wondering about the scope of an executor’s duties and who you should appoint in your will. Most adults need a will even if they have few assets, and it is the job of the executor to administer the estate.
Choosing your executor
This may make it sound as though an executor needs to be someone who is an expert in law and finance, but this is not the case. In fact, if they need assistance at any stage with wills and probate, they may be able to pay a professional and have the estate cover the cost. Your executor should be someone you can trust and who is well-organized. It may be a relative, such as a spouse or adult child, or a close friend.
An executor’s duties
There are several tasks the executor needs to complete before the estate can be considered settled. Most estates need to go through a legal process known as probate, and the executor must file the will with the court to get it started. The court will then authorize the person to act as the executor. The executor is required to inform beneficiaries and creditors about the person’s death. They may also need to notify other bodies as well, such as the Social Security Administration. The executor must pay creditors from the estate, file taxes, and distribute assets to beneficiaries.
Usually, probate is a fairly straightforward process although it takes several months. However, it can become more complex if individuals challenge the will or there are other issues. You may be able to help reduce the likelihood of these kinds of issues by making sure that your will and other documents are prepared correctly and that you have discussed your estate plan with loved ones.