Estate administration can involve complex tasks that could feel stressful at times. This is why you should be confident that at some point your duties of overseeing and distributing the property and money left by a deceased loved one will be complete.
Fortunately, Texas law provides some clear guidelines for an executor to finally close out an estate.
Filing a closing report
Texas law allows an executor to file either a closing report or a notice of closing estate to formally close the administration of an estate. A closing report must detail the assets of the estate, debts paid, remaining debts and any property distributed to beneficiaries. Alternatively, a notice of closing estate can note the payment of all known debts and the distribution of all remaining assets.
Allowing time for objections
After you file the closing report or notice, Texas law will consider the estate closed 30 days later. However, this assumes that someone who could potentially benefit from the estate does not file an objection with the court within that time. If an interested party should object, the estate will remain open until the court resolves the issue.
Terminating your authority as executor
After the filing of the closing report or notice, your power and authority as executor will finally come to an end. However, this does not relieve you from liability for any mismanagement of the estate or false statements in the closing documents. So it is possible that mistakes you make in estate administration could come back to haunt you.
Executor responsibilities do not have to take a long time. The timely and successful conclusion of overseeing an estate is attainable, but it requires understanding the duties you must perform and knowing how to avoid possible pitfalls that could create future court litigation even after the closing of an estate.