Protecting Your Legacy

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Protecting assets is an important part of probate

On Behalf of | Oct 15, 2019 | Probate & Estate Administration |

Often, after the death of a loved one, the last thing anyone wants to do is jump right into handling the person’s final affairs. However, starting probate sooner rather than later is a smart move, and though it can be difficult, Texas executors may benefit from getting the process underway. Of course, they can also benefit from avoiding mistakes as they work to complete the process.

One mistake that could cause significant problems is if the executor does not keep all of the assets safe. It may seem like a hefty order, but it could simply mean changing the locks on the decedent’s home and saying no if anyone asks to take an item. Some parties may even go so far as to hire a security firm to monitor the property. If an item goes missing before the property distribution portion of probate, complications could ensue.

It is also important that the executor does not start paying creditors before he or she understands the order of priority. It may not be necessary for all of the estate’s creditors to be paid back. However, certain creditors should be paid, and depending on what type of creditors remain, certain ones should be paid before others. If an executor pays the wrong creditors, he or she could end up on the hook for ensuring that the right creditors are paid.

Certainly, the responsibilities that an executor has during probate can seem overwhelming, but it is often a necessary process. It is important for Texas executors to remember that they do not have to shoulder all of the responsibility alone. They can reach out for support and assistance from attorneys experienced in this legal process.