When people begin the process of planning their estate in Texas, they may be facing uncertainty and hesitation when it comes time to designating beneficiaries and heirs. They may have anxiety about choosing the right people and hoping that they do not offend anyone in making decisions regarding how they would like their assets to be split. This concern is valid considering how often surviving family members quibble over what should be done with a deceased person's remaining assets.
What can you do if you do not trust an estate executor?
According to MoneySense, the executor of a Texas estate has a duty to protect the estate, probate the will and pay both creditors and beneficiaries. An executor also has certain fiduciary duties, which you can learn more about below. If an estate administrator breaches any one of his or her duties, he or she may be subject to serious legal and financial ramifications. However, because a breach of duty affects the outcome of estate administration, it is important to identify an untrustworthy executor and take action to prevent him or her from abusing his or her powers.
Do you know what to do after a loved one dies?
The hours following a loved one’s death can be the hardest emotionally and logistically. Especially if your loved one dies outside of a hospital setting, it can be confusing to know what step to take next.
What is a living trust?
There are many different options you can take in Texas to plan what will happen with your assets when you die. Your estate planning efforts may include something called a living trust, which Forbes explains is just any trust you create when you are alive. This is the opposite of the type of trust created when you have a will. Upon your death, a will sends your assets into a trust that your executor then handles.
