It may seem like an honor to be appointed the executor of an estate in Texas, but there are serious things to consider before the requested accepts the job. According to the estates code in Texas, an executor should take care of an estate property as they would take care of their own property.
This can be a big responsibility and one a potential executor should be ready for.
The complexity and time commitment
A complex estate is going to require more time than a simple estate plan will. An executor must step in for the person who designed the will and make sure that their wishes are carried out. The larger the estate, the more time-consuming it will be to work through the arrangements.
Red flags to watch for
Some estate plans are simple, others are complex. There are often red flags in a plan that signify it will be a difficult process to work through. These may include the following:
- Annuities to untangle
- Uneven distribution to children
Death brings up complicated emotions in family members, and when money and assets join the situation, things can become explosive. Any potential executor should bow out if they feel uncomfortable with the terms of the will.
How does the pay work?
Every state has a different amount that an executor is paid for their time and effort. It can be a percentage of the estate, a flat fee or payment by the hour. The judge may also determine the fee in probate. An extraordinary fee is a possibility if the estate settling requires a large amount of work.
Being an executor is a big job. It is something that a person should consider seriously before accepting.