When someone dies, their loved ones must go through the process of probating their will. Navigating this period can be a struggle for families, so it becomes imperative to make the journey as seamless and stress-free as you can. One of the most important decisions that you can make during this time is who will serve as your executor – a person who will actualize your wishes in accordance with the law.
Executing a will is a complex process that involves navigating various legal and financial issues. The person you’ll appoint will have to open the probate process, notify creditors, deal with taxes and other financial accounts, distribute assets among the heirs and close the estate. For this reason, it is important to choose an executor who has a good understanding of probate law and the legal system in Texas.
Availability and reliability
It’s essential that you select a person that you can trust to promptly handle all the necessary tasks involved in probate. They should have sufficient time available to devote to this important task as well as the ability to keep track of deadlines and paperwork.
Estate planning in Texas can be much easier if the executor does not have any direct interest in the estate or will. This is because it eliminates any potential conflicts of interest and is less likely to lead to arguments or issues.
It’s common for Texas courts to require estate administrators, also called executors, to get bonded before they can carry out their duties. A bond is a form of insurance that protects the estate against any actions taken by the executor that is not in accordance with the will or Texas law. If your chosen executor has debts or liens against them, has no credit history or has declared bankruptcy before, they are unlikely to be able to get bonded.
Ultimately, choosing an executor is a personal decision. However, once you find the right person, it’s important that you let your beneficiaries and other interested parties know who they are. This can help remove any doubt about your intentions with your estate and ensure everything runs as smoothly as possible.