Probate Lawyer: Do I Need An Executor?
Finding an executor for your last will and testament may be the least appealing task we will ever face. An executor is a person or group of people who will oversee the terms and decisions of your will and who will make sure they get carried out at their time of need. Nobody wants to be faced with their own mortality, but without an executor, your will won’t be as set in stone as you may think. The Davidson Law Group Blog is here to walk you through what an executor can do for you and why it’s important for you to have a probate lawyer advise you.
What Does an Executor Do?
As explained above, an executor is a person or a group of people that will, more or less, execute your will for you. Meaning, this person will read and interpret the latest update of your will upon your death and file a petition with the court to probate the will. They are responsible for assembling all of your assets and prepare any real property for sale as a part of liquidating the estate – real property being houses, cars, boats, etc.
They also work through bank accounts, savings accounts, investments and all other assets, transferring them to one bank account set up in your name. Any life insurance policy claims are filed, alongside payment of any debt. Finally, a tax return is done and all taxes are paid before your beneficiaries will receive their inheritance based on your will.
Do You Need An Executor?
In short, yes. But one thing that Davidson Law Group stresses is that hiring a probate lawyer can help you avoid the probate process. So, if are going to go through with the probate process, then a probate lawyer isn’t necessarily needed while an executor is. The answer to this question really depends on your individual circumstance. Again, we highly advise you avoid the formal probate process at all costs.
There are alternatives to the probate process, most of them being utilized by the pre-planning method. We believe that having your assets in a trust is the best way to avoid probate court in the future. There are several other pre-planning alternatives to probate court that our probate lawyer would love to walk you through.
However, those alternatives may not be possible and even if they are, you still may need an executor to make sure your assets wind up in the right hands. It is better to be safe than sorry when it comes to estate planning and finding an executor is one way to keep your assets safe.
Talk to Our Probate Lawyer at Davidson Law Group
As outlined in this post, estate planning and arranging your last will and testament is a complicated and time-consuming venture. Davidson Law Group wants to make sure that your family’s needs are provided for, regardless of the circumstances, and our probate lawyer can walk you through the process. Contact us today at (817) 900-6529 if you are in the Fort Worth area or at (972) 591-6603 if you are in the Allen area, or visit our website for more information.