An Estate Attorney Explains the Responsibilities of an Executor
Technically speaking, anyone can be made the executor of a will. Despite the freedom the will-writer has to select whomever they believe is best suited, the job itself is not one taken lightly. Being the executor of a will is a significant responsibility, and you will need to consider a lot of the factors involved in estate planning to understand what your role will be. In this blog, our estate attorney will take a brief look at the responsibilities of an executor.
At Davidson Law Group, our estate attorneys and wills and trusts attorneys are always ready to help you with your estate planning process.
Managing Their Estate
When you are designated as the executor of an estate, it means that you are then responsible for managing that estate in the event of your nominator’s passing. This can include a wide variety of sub-responsibilities, such as maintaining the property, selling the property or other assets, taking extensive inventory, and general management.
Representing The Estate
Further to managing and maintaining the estate and any relevant assets, the executor also acts as the representative of the estate. This means that in any probate proceedings you, as executor, will be expected to attend them. You will need to file the will with the probate court and potentially work with estate attorneys and lawyers to make sure the process goes smoothly.
In acting as an executor of a will, you are also responsible for making sure what has been set out in the will is effectively carried out. One of the biggest factors in a will is who is inheriting which assets. As executor, it will be up to you to identify and make sure that the parties named in the will get what they are supposed to.
Paying Expenses, Debts And Other Payments
Unfortunately, when someone passes away, their debts or ongoing payments rarely go with them. The executor of the estate is responsible for making sure that outstanding payments, debts, tax returns and anything else in the deceased’s name are all taken care of on time. Whether this means making sure debts are paid or accounts are closed, an estate attorney can give you advice on the best way to get this done.
Receiving Payments and Owed Money
When it comes to debts or outstanding payments, there may also be situations in which the deceased is owed money. In this case, the executor will make sure these are paid into appropriate accounts by those who still owe, and that it is then distributed or taken care of depending on the terms of the will.
Contact An Estate Attorney
Have you been asked to be an executor of a will and found yourself overwhelmed? Or are you looking to plan for the legacy you leave behind? Contact an estate attorney at Davidson Law Group today. Our professional team of estate and wills and trusts attorneys are ready to help you establish your Texas legacy, and make sure your family is taken care of.