The death of a Texas loved one is an unpleasant experience, and if you have been named as the executor of their estate, you may be feeling overwhelmed. The executor is responsible for overseeing the probate process and ensuring that the deceased person’s assets are distributed according to their wishes.
File the will
The first duty of the executor is to file the deceased person’s will with the probate court. This initiates the probate process, ensuring the court will review the will to ensure its validity.
Notify creditors and beneficiaries
The executor is responsible for notifying creditors and beneficiaries of the deceased person’s death. This estate administration role includes sending a notice to all known creditors, as well as notifying any beneficiaries named in the will.
The executor is also responsible for collecting all of the deceased person’s assets, including bank accounts, investments, real estate and personal property. This may involve obtaining valuable asset appraisals and selling assets if necessary to pay off debts or distribute the estate.
Pay debts and taxes
The executor is tasked with paying off the deceased person’s debts and taxes. They may need to sell assets to generate the necessary funds. The executor must also file the deceased person’s final income tax return and estate tax return, if necessary.
Once all debts and taxes have been paid, the executor is responsible for distributing the remaining assets to the beneficiaries in the will. The executor may need to liquidate assets and divide the proceeds among multiple beneficiaries.
Maintain accurate records
Throughout the probate process, the executor must maintain accurate records of all financial transactions related to the estate. This includes keeping track of all income, expenses and distributions.
Act in good faith
Above all, the executor’s role is to act in good faith and in the best interests of the beneficiaries. This means making decisions that are fair and impartial and avoiding any conflicts of interest.