When you start to iron out the details of your estate plan in Texas, one of the steps you will take is to designate who you would like listed as beneficiaries. However, making this selection is not the last time that you will need to work with the people you have chosen.
When Texas residents consider estate administration, they may think this job will begin once their loved one passes away. However, sometimes this job begins during someone's lifetime when a person serves as the power of attorney.
The need to prepare a will is one that is stressed time and time again by estate planning experts in Houston. Yet despite this advice, some estimates put the percentage of American adults without a will as high as 60 percent. You might think that if do not specify how you want your assets distributed, your heirs can make that decision once you are gone (allowing you to avoid hurting anyone's feelings with your decisions). The truth is, however, that if you die intestate (without a will), it is the state that decides who benefits from your estate.
Recently, one of your family members has asked if you would be interested and willing to be an estate administer. At first thought, you feel like this would be an invaluable opportunity to support someone you love, but you also want to make sure you are making a good and well-informed decision. At Doehring & Doehring Attorneys at Law, we have helped many families in Texas to learn about the legalities of creating, implementing and executing a well-thought estate plan.
When people begin to coordinate their long-term care needs in the form of a will, they are going to need to make many important decisions regarding their wealth, possessions and personal needs. In many cases, they will need to designate an executor in Texas who will have the responsibility of overseeing their requests upon their death. This person should be trustworthy and someone who knows the deceased well.
Your friend has come to you and said that he would like to name you as the executor of his Texas estate. This sounds like a big deal, and you feel flattered, but is it a role you should accept?