The importance of estate planning in Texas cannot be overstated. Just as important is the person you name as the executor or your estate. You give several responsibilities to this person. So, you have to be sure that they are willing to make the time commitment and will be organized. Here is information about the executor position to consider.
When you name the executor, the letters testamentary makes it official. Then, the executor must submit it to your bank, insurance company and other relevant organizations to prove their authority over your estate once you pass. The executor takes inventory of your assets. Then, when you pass, they disperse those assets according to your wishes in the will. They make phone calls to the beneficiaries to tell them about your death and the assets they are going to receive. It is also their duty to mail copies of your death certificate to your bank, insurance companies and other relevant organizations.
Executor time commitment
Based on the duties of the executor, it is quite obvious that it requires a solid time commitment. For a smaller estate, there may only be a handful of beneficiaries and assets, so everything is easier to disperse. Larger estates are more complicated and, therefore, will require a larger time commitment. Plus, the chances of disputes arising even though the will is in good standing are higher. This means that there is going to be legal battles to deal with, too. The executor is to voice of the deceased. You are encouraged to name someone who is going to represent you to the fullest when you are gone.
Who can be named executor?
Anyone can be named the executor of an estate. It can be a friend or a family member. Third parties such as estate planning legal professionals and accountants are also a common choice because they come into the situation without any relationships or bias.