If you were appointed as the executor of your parent’s estate, it shows that they had confidence in your ability to do the right thing after they had passed away. But that doesn’t mean that you aren’t still in over your head.
While some executors can handle settling small estates with little or no complications, others struggle to fulfill their fiduciary duties according to Texas estate laws. Learn below how you can potentially avoid such pitfalls.
Understand the nature of your role
Part of your fiduciary duties include controlling access to the decedent’s assets and other estate resources. For instance, if there is property included in the estate, you will need to secure it so no heirs, beneficiaries or others can gain access to items and remove them from the estate.
In some cases, especially when relatives are involved, this can be challenging. Your own relatives could get angry that you changed the locks on Mom’s or Grandpa’s house. But regardless, that is one of the duties of an estate executor.
The responsibilities can be overwhelming
The fiduciary duties of an executor are serious ones, and executors can face censure or even removal from their role should they fall short. Their duty of care involves acting prudently and reasonably while managing the estate of a decedent.
They also have duties to their heirs and beneficiaries to be transparent in all disclosures. Failing to loop them in on any developments can cause irreparable breaches of trust that could lead to a petition to remove the executor of the estate.
Some options can help you stay on top of your duties
Know that it’s all right to realize that you need assistance to fulfill your fiduciary role as executor. Depending on the circumstances, you could find yourself in a thankless role that leaves you in conflict with your own family members. Preserve your relationships by seeking guidance and learning more about how to manage your loved one’s estate.