Do you know who will handle matters of your estate when you’re gone? Has a close friend or loved one asked you to be the executor of their Will?
Appointing or agreeing to become an executor is something that should not be taken lightly – it’s a role that entails many crucial and serious responsibilities. But first things first:
What Is An Executor?
An executor is the person or institution responsible for managing the administration of a deceased person’s estate.
The executor (also called a personal representative) is either named in a Will or appointed by the court, if there is no will. In Texas, when there is no Will, the person appointed is called an administrator. An administrator performs the same duties as an executor. In addition to an individual, a bank, trust company, or other institution can serve.
The amount of time involved in being an executor varies with the size of the estate, but the duties involved need to be taken very seriously. Also, the executor is entitled to compensation, subject to approval by the court.
What Do Executors Need To Do?
Executors are responsible for making sure the deceased person’s wishes are carried out and that the estate is wrapped up.
An executor’s duties include applying for Probate, paying taxes and bills, managing the deceased person’s property, distributing assets to the estate’s beneficiaries, and filing a final accounting with the court.
The amount of time involved in being an executor varies with the size of the estate, but the duties involved need to be taken very seriously. Also, the executor is entitled to compensation, subject to approval by the court.
How The Law Office of Antoinette Bone Can Help
At the Law Office of Antoinette Bone, we focus in the practice areas of Probate, Estate Planning, Elder Law, and Guardianship. We can help you create customized Estate Plans that do away with the need for an executor or create a Will as well as provide guidance in choosing the ideal candidate to be the executor.
If you have been appointed as an executor, In Texas you are required to hire an attorney to assist you with these tasks. Making mistakes can be costly. You may also be personally liable if something goes wrong with the estate or the payment of taxes. We can help you make sure all the proper steps are taken and deadlines met as well as provide guidance on how to avoid personal liabilities from heirs and beneficiaries.
Download me e-book 7 Steps to Handling your Loved One’s Estate to learn about some important things you need to do before a probate is even opened. There is a bonus checklist to help you accomplish some of those tasks.
If you have been named the executor in a Will or there is no Will, The Law Office of Antoinette Bone, PLLC would love to be your probate easy button.
We look forward to assisting you in these or other related matters. Simply click the link to book an appointment or call us at (817) 462-5454 to schedule a meeting with Antoinette Bone in our Euless, Texas office.
To comply with the U.S. Treasury regulations, we must inform you that (i) any U.S. federal tax advice contained in this newsletter was not intended or written to be used, and cannot be used, by any person for the purpose of avoiding U.S. federal tax penalties that may be imposed on such person and (ii) each taxpayer should seek advice from their tax advisor based on the taxpayer’s particular circumstances.
Nothing in this message is intended to provide legal advice. This message is for educational purposes only.
