Naming an executor for your will in Texas requires the court to formally approve your choice. This makes it even more imperative to choose someone you trust and have a strong bond with to deal with your estate.
This person’s obligations can vary from handling financial duties to finalizing the distribution of your assets.
According to Texas estate laws, the executor of a will is responsible for paying off any creditors or final debts. This person must notify beneficiaries, or the people receiving parts of your estate such as real estate, money or family heirlooms. Your final wishes are also included in this legal document, which the executor also fulfills, along with any lingering financial obligations.
Whoever you choose has a fiduciary duty to uphold, which means that he or she has to make decisions with your estate to the best of his or her ability. Being frivolous with your money during legal procedures or not acting in good faith is breaking that promise.
An executor is in charge of dealing with your personal financial details, such as closing bank accounts and cataloging each asset you left behind to give to beneficiaries. This also includes making court appearances in case of any additional legal issues.
Dying without a will can make the estate process more arduous and costly. By appointing an executor and writing your wishes down, you can avoid confusion over who divides up your estate after death. Since executors are bound by law to carry out this duty, it can give you a sense of peace to know someone will handle your money and assets carefully.