An executor plays a crucial role in an estate. They carry out the wishes of a testator (the person who creates a will). When estate planning, you’ll need to name someone who can assume this role and serve competently.
Before making that choice, you’ll want to understand what an estate’s executor is responsible for, and what qualities tend to define successful executors.
What are their duties?
An executor has several roles, including:
- Locating the will and filing it with the court
- Notifying beneficiaries and interested parties of probate proceedings
- Locating, securing, appraising and managing the estate’s property
- Paying insurance premiums
- Paying debts and taxes
- Filing tax returns
- Distributing assets to beneficiaries
- Closing the estate
It’s important to connect your chosen executor with the professionals you work with when estate planning, such as your attorney, accountant, financial advisor, tax professional or life insurance agent. This way, they can get necessary guidance to make informed decisions.
Who should you choose?
Someone who is at least 18 years old, of sound mind, has no felony convictions and cannot be deemed unsuitable by the court can serve as an executor in Texas. If you name an out-of-state resident, they must appoint a Texas agent or a Texas attorney who will receive legal notices and official documents on behalf of the estate.
Besides Texas requirements, you should consider other qualities, including willingness to serve, trustworthiness, financial responsibility, objectivity, organizational skills and availability.
How will they be appointed?
When the time to assume their role comes, your nominated executor must apply with the court for letters testamentary or letters of administration. The court will review their nomination and decide whether to officially appoint them.
Consider naming an alternate (successor) executor in your will. Thus, if the primary one is unable to serve, the alternate one takes the role seamlessly.
Choosing an executor is a critical part of estate planning. Learn more about the role to name the most suitable person. Seeking legal guidance is a great way to get started.