Your buddy calls you up one day and says that he is writing his will. He asks if you will be prepared to serve as administrator. What should you say? Before you respond to that question, you ought to understand about the tasks you will be accountable for if you choose to serve as executor. Let’s discuss what you ought to think about.
According to Black’s law dictionary, an executor is “A person selected by a testator to bring out the instructions and requests in his will, and to deal with the property according to his testamentary provisions after his decease.” The executor is someone called in the will by the decedent. After the decedent dies, it is the duty of the administrator to probate the decedent’s estate. The administrator will have to file the decedent’s will with the court, generally in the county where the decedent resided, and swear an oath in front of the judge swearing that he/she will carry out the tasks of administrator. If the will is correctly drafted, the administrator will be an “independent” executor which indicates she or he will then be complimentary to set about the responsibilities of the administrator without further interference from the court.
The executor has 3 main duties:
Identify and gather the possessions of the decedent’s estate.
Once the application is filed and the executor has taken the oath, the court issues what are called “letters testamentary” to the administrator. These letters enable the executor to have access to all of the decedent’s property and records. The administrator needs to then determine any bank accounts, brokerage accounts, retirement accounts, stock certificates, genuine property, automobiles, and any other property that the decedent might have owned at the time of his death. The executor will have to offer an inventory of those assets to the court. As soon as the assets are determined, the executor will need to gather and safeguard those possessions. The executor will have to close accounts in the name of the decedent and open accounts in the name of the estate.
Pay Debts and Taxes.
The executor will have to identify not just the decedent’s possessions, however also any financial obligations or taxes that the decedent may have owed at the time of death. Any recognized creditors must be provided notification of the probate case. The executor has the responsibility to approve or reject any claims that are made to the estate. The administrator is accountable for paying any valid financial obligations from the properties of the estate. The executor is NOT personally accountable for any financial obligations of the deceased. If the financial obligations
Distribute the Staying Assets.
If there are any staying assets after the financial obligations have actually been paid, the executor has the duty of distributing the remaining possessions according to the decedent’s will. If the decedent did not have a will, then the properties should be distributed according to the provisions of the Texas Probate Code. It is typically a good concept for the executor to acquire receipts from the beneficiaries that get property, and file those invoices with the court revealing that the administrator has actually satisfied his/her obligations.
The quantity of time and effort needed of the administrator can vary depending upon the intricacy of the estate and the relationships among the heirs. All expenditures of probate usually come out of the estate. Expenditures can consist of filing fees, lawyer charges, appraisals, and possible litigation. The executor is never ever personally accountable for expenses and expenses. In Texas, the administrator can be entitled to reasonable payment for his/her time unless the decedent specifically denied settlement in the will.
An administrator has fiduciary duties to act for the advantage of the beneficiaries, and also has duties owed to the court. An administrator can be held responsible if he or she acts dishonestly or mainly tries to improve himself or herself during probate proceedings.
The answer you will provide to your pal who wants you to act as executor depends on you. No one can force you to assume the duties of an executor. Nevertheless, if you do not desire the obligation, it is best for you to inform your friend ahead of time.