As an adult, watching your parents grow older can feel challenging because you are watching them lose their strength and vigor. During this time, you may learn that one or both of your parents want you to be their executor. Before stepping into this vital role, knowing what being an executor in Texas entails is extremely helpful.
Reviewing your parent’s estate plan
After accepting the important role of an executor, communicating and reviewing estate plans are vital. These reviews let your parents detail their final wishes regarding their wills, trusts and similar matters. This time is also ideal for asking questions, raising concerns and anything else that needs discussing. Getting clarification on all matters helps you do the best job as an executor.
Completing the probate process
Unless your parents have all their assets in a trust, being an executor typically means helping to carry out the probate process. However, probate is a requirement when a will is present and for asset distribution purposes.
Settling debts of an estate
Almost everyone passes away with bills due. Some people will also receive payments sent to them after passing away. As an executor, setting up a bank account in the name of the estate you’re managing provides a place for payments and a way to resolve debts. These debts are typically final monthly bills and tax-related expenses.
Dispersing assets to beneficiaries
After settling the debts of an estate, an executor can help ensure that the deceased person’s beneficiaries receive their assets. What you disburse depends on the decedent’s terms outlined in their will. This process can involve money, stocks, bonds, property and anything else of value.
Being named an executor means taking care of many crucial matters. Before accepting this position for your parents, ensure that you’re capable of taking on this role.