The executor of an estate plays an important role in carrying out the deceased’s wishes. Choosing an individual to represent you after your death may require careful thought and planning.
As noted by the AARP, an executor needs access to your will, assets and sensitive information. You may wish to name an individual with whom you feel comfortable sharing personal details. They may include information such as passwords to your email and financial accounts.
Naming an executor with strong organizational skills
After dying, your executor must submit your will for probate. The courts in Texas generally require filling out time-consuming paperwork. Your representative obtains copies of your death certificate and notifies creditors and heirs that you died.
If you receive Social Security benefits, the executor must notify the Social Security Administration so they stop sending payments. The executor also has responsibility for filing your final tax return and paying your estate’s liabilities.
Preparing an individual for a potential challenge
An executor’s duties may include removing your name from your assets’ titles and adding your beneficiaries’ names. Complex property transfers typically take place under the supervision of the probate court. The task may consist of working with heirs still grieving for their loss.
If your heirs contest transferring an asset to a named beneficiary, your executor generally has responsibility for upholding the instructions in your will. He or she may face challenges. Some relatives may become jealous of your representative having access to your personal affairs.
Individuals creating a will may fail to name a trusted executor. Some assume a spouse can manage all the responsibilities. You may, however, decide to choose an individual with strong organizational skills. He or she may help guide the probate process and settle disputes.