One of the most important benefits of having a will is knowing that you have control over certain matters after you pass, such as the distribution of your personal property. The terms of your will outline how you want to address your assets and wealth, whether it is passing specific things to your heirs or donating a portion of your estate to charity. Another important detail you can include in your estate plan is the designation of executor. This is the person who will oversee all steps required in order to settle and close your estate.
The appointment of an executor is a critical decision that could impact your property interests, as well as the rights of your heirs and beneficiaries in the future. This individual will bear an immense responsibility, and it is important to think carefully about who should fill this role. As you consider your options during the estate planning process, it may be helpful to understand more about the role of the executor and the requirements he or she will have to meet.
Responsibilities and requirements
The executor will have the responsibility of settling and closing your estate, as well as ensuring that all parties meet the terms of your will. He or she will oversee the probate process, which is the process of validating your will, protecting estate assets, distributing assets from the estate and more. Some of the specific responsibilities of the executor include:
- Filing the will and appropriate paperwork with the probate court and accounting for all estate assets
- Notifying creditors, paying off remaining debts and filing a final tax return
- Finalizing any remaining affairs and distributing assets according to the terms of the will
While you may think that you have found the ideal person to act as the executor of your estate, he or she may not want this responsibility. It is important to discuss this decision with this individual in order to gauge his or her willingness to play this important role in the execution of your will and settlement of your estate.
Creating a practical and purposeful estate plan
Each Texas estate plan is unique to the specific person who creates it. You can create a strategy that will allow you to feel confident regarding your future interests and your ability to have control over sensitive legal, financial and medical issues that may arise in the future.