Acting as executor of a Texas estate presents many responsibilities and duties. Because the executor must see the estate through the probate process, that individual will need to start out by finding the decedent's will and ensuring that the estate assets remain in order until time for distribution. This step often involves presenting the will to the court in order to begin the legal proceedings and taking measures to protect property.
When it comes time to administer the estate, the executor must attend to a number of tasks. These tasks include taking care of final financial obligations, such as paying creditors and attending to taxes. It is also important to remember that the executor could be liable for any financial missteps involving the estate. Additionally, the individual may also need to decide what assets should be liquidated and what to keep.
After the financial obligations have been attended to, the responsible party will need to inform the beneficiaries of his or her actions. Next, he or she will prepare to distribute assets to those beneficiaries. Once the property has been distributed, all conflicts resolved and payments made, the executor can file the appropriate paperwork with the court and close the estate.
Taking on the duties of an executor is no easy task. The duties involved can be complicated and time consuming, and many people find themselves overwhelmed during the probate process. If Texas residents who hold the role of estate executor feel apprehensive about beginning the process, they may wish to enlist the help of experienced attorneys who could guide them through the necessary legal proceedings.
Source: kiplinger.com, "How to Perform the Duties of Executor of an Estate", Daniel A. Timins, Dec. 21, 2017