Being an executor of an estate plan in Texas can be daunting. The executor must take on a significant amount of responsibility during an emotional time. Depending on the estate plan, the role might look a little different, but executors are generally expected to fulfill required tasks outlined by the state.
What is an executor?
The executor is the person responsible for settling the estate of the recently deceased (known as the decedent). This person will be responsible for ensuring the decedent’s final wishes are honored.
The executor is sometimes handpicked by the decedent or assigned by the court. Usually, they’ll be a family member, such as a sibling, spouse, or adult child. Sometimes the decedent will have hired an attorney or firm in advance to act as executor for a small fee.
What are the responsibilities of an executor?
The executor will ensure that the decedent’s estate moves through probate court. They’ll be responsible for transferring assets from the estate to the beneficiaries listed in the estate plan.
The executor will also be responsible for paying estate taxes and other debts the decedent may have left. They’ll also have to file a death certificate with the state.
Can you say no to being an executor?
You can say no to being an executor. However, it’s important that there is someone else to take on that responsibility. If you are the only surviving family member, you may be responsible for paying someone else to act as executor in order to move the estate through probate.
If a friend or loved one approaches you about being an executor, make sure you understand your responsibilities fully before agreeing to the task. You can even talk to a lawyer for more perspective.