Acting as the executor to an estate is a considerable responsibility. In many cases, parties may have volunteered for the role before their loved one passed, and in other situations, individuals may have been unknowingly thrust into the position. Because estate administration may be a complicated endeavor, Texas residents may wish to be on the lookout for possible mistakes to avoid.
One major issue that could arise during the administration of a loved one’s estate is distributing assets too early. Though the deceased may have indicated who should receive certain items, taxes and debts must first be addressed. In some instances, after paying off these financial obligations, inheritances and bequests could change. If an executor distributes assets too soon, he or she could be held personally responsible for handling outstanding taxes and debts the estate can no longer cover.
Another mistake that could potentially occur is not properly notifying the public of the estate administration. Because creditors and other parties have a right to file claims against the estate of a deceased individual, a public announcement of the death and probate proceedings typically needs to take place. If it does not, creditors may not be given their fair opportunity to lay claims, and an executor could again end up facing responsibility for claims made later.
Because of the importance of estate administration, executors may wish to learn as much about their roles as possible. If Texas residents feel uncertain about how to carry out their duties, they may want to gain professional assistance. Knowledgeable attorneys can help guide concerned individuals through the administration process and help ensure that loved ones’ wishes are followed.
Source: Forbes, “Five Mistakes To Avoid In Estate Administration“, Russ Alan Prince, Nov. 6, 2017