When someone in Texas drafts a will, he or she has to pick an executor of their estate to distribute the property listed in the will after the estate holder dies. Being an executor can be time consuming and difficult, so people who are asked to be executors should have a sense of their obligations before agreeing to do so.
However, it’s ideal for an estate holder to identify an executor before their death.
Making A Plan
Before an estate holder passes away, the executor should be sure to know where the person’s last will and testament is located. If there were multiple wills written at different times, the executor and the estate holder should discuss where those documents will be kept, such as a safe deposit box. An executor should also know where things like property deeds or car titles are located.
After an estate holder dies, the executor needs to determine whether to file the will in probate court. Probate and estate administration by the court are often necessary even when the decedent had a will unless the person’s assets fall under a certain amount as set by the state. Though probate can be costly and time consuming, it is better to go to probate with a will in place. A person who dies without a will, known as intestate, will have his or her assets distributed according to lineage as set forth by the law in Texas.
An Executor’s Job Is Multi-Faceted
Executors will also need to take care of any outstanding debts that an estate holder had before death in addition to paying any taxes owed on the estate. Estates actually require their own taxpayer ID numbers and must file their own tax returns. An executor may need to open a bank account for the estate’s assets and oversee property until it is distributed. An estate planning attorney may help individuals draft wills and make all necessary arrangements with their executives, and they may also help executives manage the estate of the deceased.
