An executor has an important role when taking care of a person’s estate following their death. When someone is chosen as an executor, they have the responsibility of tracking down that person’s belongings, paying off debts and handling the distribution of their assets.
There are dozens of things that an executor needs to do. Since this is such a complex role, it does make sense to work with your attorney to be sure that you do everything by the book.
What are some of the things executors are required to do in Texas?
Some of the things that you need to do if you’re an executor include:
- Obtaining the latest copy of the decedent’s will, so you can read and execute it
- Petitioning the court to have the will admitted into probate
- Searching for and collect all of the estate’s assets
- Inventory all of the assets found, including vacation homes, personal property, valuables and other items
- Paying debts and valid claims against the estate
- Paying income taxes
- Preparing the remaining assets for distribution
These are just some of the things you may need to do as the executor of the estate.
What should you know about becoming an executor?
You should note that you are held to a high standard as an executor. If there are any errors made, you could face consequences as a result. That’s why it’s a good idea to work with an attorney who understands your role as an executor and what you can do to minimize the risk of mistakes.
If you do make an error, there is a risk that you could be accused of a breach of fiduciary duties, which could put you in a negative position. Fortunately, there are strong defenses you can use to protect yourself.
You should also be aware that will contests could occur. If so, then you may want to take steps to defend the will as it is and protect your loved one’s wishes.
All of the things you need to do can make this role difficult. Your attorney will work closely with you to make sure you take the right steps in the right order.