The decision to establish an estate plan is the first step in taking care of loved ones. Once the initial decision has been made, a Texas resident then has a variety of other decisions to make. By working with legal counsel, the individual can determine which estate planning tools are advantageous based upon estate holdings as well as decide who is best to serve as executor of the estate.
The executor of the estate can be a loved one, a close family friend or even a paid professional. Whoever it is, this individual is entrusted with making sure that the terms of the will and the individual’s wishes are fulfilled. As such, the individual needs to be someone capable of performing these tasks in good faith, or in legal terms, by meeting one’s “fiduciary duty.”
The executor is responsible for locating all of the individual’s assets and paying the individual’s debts from the estate assets. This is the individual who also notifies others that they are named in the will. Additionally, the executor is the one who makes sure that the individual’s accounts are closed and all necessary parties are notified that the individual is deceased. Another function of this role is making sure that the appropriate taxes are paid.
Serving as executor of an estate can be a time-consuming and somewhat challenging commitment. Careful thought needs to be given when deciding who should be chosen and in determining if one is willing to accept such a responsibility. All of this needs to be kept in mind as the Texas resident chooses who he or she believes is best suited to serve in this capacity.