Choosing an estate executor
The executor of the estate has many important responsibilities so it is vital to choose the right person for the job.
People who want to ensure that their estate and others matters will be handled after their passing often turn to estate planning. This involves creating a last will and testament, living will and organizing a trust, depending on the specific circumstances surrounding the estate. One important step of planning who will receive the property once people pass is assigning an executor of the estate. Since the executor has many important responsibilities, it is crucial to choose someone who is trustworthy, dependable and who has a basic knowledge of what the position entails. By designating the right executor, people can rest assured that their estate is well taken care of and in good hands.
What is an executor?
The executor of the estate has many responsibilities that require time, patience and the ability to delve into certain legal process, such as probate and other court hearings. Executors must oversee that the deceased’s property is distributed according to his or her wishes. In addition, the executor must be prepared to certain duties. These include the following:
· Protecting and securing the estate property.
· Paying valid claims, bills and taxes that the estate owes.
· Preparing a comprehensive inventory of the property.
· Representing the estate in legal claims.
· Selling estate items to repay creditors, taxes or beneficiaries.
· Handle estate investments as directed.
Since these duties greatly affect the outcome of the estate, it is essential that the executor understands what he or she needs to do prior to being named in the will.
Finding an executor
While many people name their spouse, children or close family friend as executors of their estate, there are other parties who may handle the estate as well. Paid executors are third-party representatives who have no financial interest in the estate. These people have nothing to gain from the outcome of the estate, and therefore, may be able to handle the property in a more businesslike fashion. This is also helpful in the case that the executor chose may potential become ill or otherwise unable to carry out the responsibilities of the executor.
Qualities to look for are the ability to pay bills, organize paperwork, is punctual and has the knowledge of how to handle legal forms.
Obtaining legal assistance
You may want to seek counsel from an experienced attorney in Texas who handles matters concerning estate planning. A lawyer may be able to answer your questions and help you make the decisions necessary to get your estate in order, bringing you peace of mind.