Recently, one of your family members has asked if you would be interested and willing to be an estate administer. At first thought, you feel like this would be an invaluable opportunity to support someone you love, but you also want to make sure you are making a good and well-informed decision. At Doehring & Doehring Attorneys at Law, we have helped many families in Texas to learn about the legalities of creating, implementing and executing a well-thought estate plan.
In simple terms, being an estate administor means you are the person who is primarily responsible for overseeing the execution of your family member’s estate. You will be in charge of making sure bank accounts are closed, lines of credit are paid, assets are distributed properly and property is liquidated according to that person’s wishes. In determining whether or not you are willing to play a role in the execution of your family member’s estate, AARP suggests some important things for you to consider:
- Temperament – Are you the kind of person that gets along well with other family members? Do you work well under pressure? Are you a confident decision-maker?
- Financial security – Do you have the funds to travel if needed? Do you have a job that would accommodate your needs if you need to take time off to assist with estate responsibilities?
- Timing – Do you have the time to oversee the execution?
- Legal terms – Are you familiar with the legalities of being an administor? Do you understand the terms of your responsibilities?
By considering these questions and the answers to them, you can have a better idea of whether or not being an administer is the right fit for you. For more information about planning an estate, visit our web page.