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Protecting Your Legacy

Business owners may worry about acting as probate executors

| Nov 27, 2018 | Probate & Estate Administration |

Being a Texas business owner means that a person already has a lot on his or her plate. If a loved one passes and the owner was named as executor of the estate, that person will have even more responsibilities to address. Probate takes a great deal of time and effort to complete, and executors may want to make sure they understand what is ahead.

One of the first questions a person may have about acting as executor may relate to whether he or she has to take on the position. Some people may feel a sense of obligation if a loved one wanted them to take on the role, but it is important to remember that the position can be declined. In some cases, individuals may not feel that they have the time or ability to address the necessary tasks, especially if their plates are already full of business-related duties or other personal obligations.

Business owners may also worry about potentially taking on debt. After all, the executor has the responsibility of handling the estate’s remaining debts. However, the executor does not typically take on a personal obligation for those outstanding balances. Creditors are paid through estate funds, and if there are not enough funds to cover remaining balances, creditors will be paid in order of priority. Executors could end up having to pay out of pocket if they do not follow the correct order or make other mistakes.

Probate takes a lot of work, and some Texas residents may not be cut out for the job. Of course, it may help some individuals to remember that they can get help with the process. Legal professionals can explain the process and work to make sure that all the necessary steps are taken in the correct order.