When you make plans for the future, you will also have to choose an individual who will oversee the execution of your plans. In your will, you can name a person to act as the executor of your Texas estate, which is the person responsible for settling any remaining matters and ensuring that responsible parties follow your objectives. This is a critical role, and it is in your interests and the interests of your heirs that you carefully consider the person to whom you give this responsibility.
The appointment of an executor is an important estate planning decision. The executor should be a good fit, as well as someone you can trust to be responsible and prudent. You will benefit from understanding this person’s role and how you can make a choice that will allow you to feel confident regarding the execution of your estate plans.
What does the executor do?
Having the role of the executor is a big job. Not only is this person in charge of following your wishes according to the terms of your estate plan, he or she is also in charge of important legal and financial matters to address before the closing of your estate after your passing. The executor will oversee the following matters during probate:
- Locating the will and filing it with the court
- Notifying creditors of the death
- Paying off remaining debts associated with the estate and closing accounts
- Distributing assets according to the terms of the will
- Closing the estate
The person who acts as the executor must also juggle these responsibilities with his or her everyday life. The probate process can take more than a year to complete, or even longer if there are complications. This is a commitment of time and effort, and your choice should be an individual you can trust to act in your best interests and the interests of your heirs.
Creating the best estate plan
Creating a beneficial and strong estate plan starts with identifying your goals and objectives. If you are unsure of where to begin or who to name as your executor, you may find it helpful to discuss your goals with an experienced professional. This guidance can help you make estate planning decisions that will allow you to feel confident about the future and what will happen to your property after you pass away.
