An executor, sometimes referred to as a personal representative, is responsible for implementing the terms of a deceased person’s will. But solely naming an executor doesn’t mean that they have any duty or responsibility. Executors have no legal duty to act until a judge appoints them in a probate proceeding. Once they’re appointed, the executor must complete specific tasks, and Davidson Law Group lists the top duties in today’s blog.
Obtain a Copy of the Will
First, the executor is responsible for locating and understanding the decedent’s will. He or she must file the will with the probate court, even if probate is unnecessary.
Inform Government and Financial Organizations of the Decedent’s Death
Next, the executor should inform the social security administration of the passing, along with the decedent’s credit card companies and bank.
Related Post: Executor Restrictions in Texas
Decide Whether Probate Is Necessary
When a husband and wife own property together, probate isn’t always necessary. There are many other cases where probate isn’t necessary. However, if probate is mandatory, an executor needs to file a petition with the court to be appointed.
Become Aware of Any Ongoing Bills
There may still be some bills to pay throughout the probate process, so an executor should be aware of utilities and mortgages.
Maintain Property Until It’s Distributed or Sold
The executor is required to maintain a home until it’s sold or passed down to beneficiaries. He or she must also find and secure all personal property (such as a safety deposit box) in the estate until distribution.
Pay Debts and Taxes
Texas law commands the procedure for notifying creditors, and the estate has to file income tax returns from the start of the current year until the date of the decedent’s passing. There may be state taxes to pay, too, if the estate is substantial.
Additionally, an executor distributes assets according to the wishes proclaimed in the will. Without a will, Texas intestacy laws apply.
Dispose of Other Property
Lastly, an executor is obligated to dispose of any property that may remain after paying off the debts and distributing assets to the beneficiaries.
Davidson Law Group Point of Information: An executor may be required to perform any or all of these activities, among other duties.
Consult with Our Probate Attorneys
If you’ve been chosen as an executor in Texas, it’s a good idea to seek legal advice from Davidson Law Group. Our probate attorneys will answer any questions you may have and make sure you comply with your duties. Contact us today in Fort Worth, Allen, or Tyler to schedule your free consultation.