He asks if you will be ready to serve as executor. Before you answer that concern, you must know about the tasks you will be responsible for if you select to act as administrator.
According to Black’s law dictionary, an executor is “A person appointed by a testator to perform the directions and demands in his will, and to deal with the property according to his testamentary provisions after his decease.” The executor is somebody called in the will by the decedent. After the decedent dies, it is the duty of the administrator to probate the decedent’s estate. Initially the administrator will have to submit the decedent’s will with the court, generally in the county where the decedent resided, and swear an oath in front of the judge swearing that he/she will perform the responsibilities of executor. If the will is correctly prepared, the executor will be an “independent” administrator which means he or she will then be free to tackle the tasks of the administrator without further interference from the court.
The administrator has 3 primary duties:
Identify and collect the properties of the decedent’s estate.
Once the application is filed and the executor has taken the oath, the court concerns what are called “letters testamentary” to the administrator. These letters permit the executor to have access to all of the decedent’s property and records. The executor needs to then recognize any checking account, brokerage accounts, retirement accounts, stock certificates, real estate, lorries, and any other property that the decedent might have owned at the time of his death. The executor will have to provide an inventory of those possessions to the court. As soon as the properties are determined, the administrator will have to collect and secure those assets. The executor will need to close accounts in the name of the decedent and open accounts in the name of the estate.
Pay Debts and Taxes.
The executor will have to recognize not only the decedent’s properties, but likewise any financial obligations or taxes that the decedent may have owed at the time of death. Any recognized financial institutions must be provided notice of the probate proceeding. The administrator has the responsibility to approve or deny any claims that are made to the estate. The executor is responsible for paying any valid debts from the possessions of the estate. The administrator is NOT personally responsible for any financial obligations of the deceased. If the financial obligations
Distribute the Remaining Assets.
If there are any staying possessions after the financial obligations have actually been paid, the executor has the duty of dispersing the remaining assets according to the decedent’s will. If the decedent did not have a will, then the properties must be dispersed according to the arrangements of the Texas Probate Code. It is usually an excellent idea for the administrator to obtain invoices from the successors that receive property, and file those receipts with the court revealing that the executor has actually satisfied his or her obligations.
The quantity of time and effort required of the executor can vary depending upon the intricacy of the estate and the relationships amongst the successors. All expenditures of probate typically come out of the estate. Expenditures can include filing fees, lawyer costs, appraisals, and possible litigation. The administrator is never ever personally accountable for expenses and expenses. In Texas, the executor can be entitled to reasonable settlement for his/her time unless the decedent particularly denied payment in the will.
An executor has fiduciary tasks to act for the benefit of the beneficiaries, and also has obligations owed to the court. An executor can be held accountable if he or she acts dishonestly or primarily attempts to improve himself or herself throughout probate proceedings.
The answer you will offer to your good friend who desires you to act as executor is up to you. No one can require you to assume the duties of an administrator. However, if you do not want the duty, it is best for you to tell your good friend ahead of time.