I felt the essence of choosing an executor after going through the previous County Judge San Jacinto's indictment. Being an executor is a thing of honor but it comes with many responsibilities regarding the things that have to be done and the time required for doing them. In this article, we will be seeing details about "Executor" and the things that have to be considered while choosing one.
The instructions in the Will, debt and taxes of the estate are the functions carried out by an Executor. This person doesn't pay for this out of his/her own pocket but ensures that the payments for the items are accomplished with the proceeds of the estates. A skillful and reliable Executor is needed as the huge responsibilities and powers are vested on the person. You can choose an Executor to be a person or organization like a bank or a trust company.
Make sure to know the experience and competency of the person as an Executor in matters related to business, before choosing one. He/ she must be well are of the finances, property, and business, and must be capable enough to be an Executor with his own consent. The person must be ready to spend the time required to efficiently carry out the duties that an Executor must perform by working with the attorney and accountant of the estate, thus ensuring the business continuity. Besides all these, you should also know what has to be done if an Executor fails to act in the required times. In such a scenario, having 1-2 alternative Executors is the best option because you might not completely like someone when the court makes a selection for you.
The responsibilities of an Executor include probating the Will by filing an application with the Probate Court in the jurisdiction with the decedent's domicile during his/her death. After the probate hearing, Letters Testamentary will be issued to the organization or individual by the County Clerk as specified in the Will as the Executor. A general notice will be provided within a period of 30 days of appointment to the unsecured creditors. A notice has to be provided by certified or registered mail within 60 days of appointment to each secured creditor with a debt that is secured by a lien on Texas real property or estate owned personal property. Then comes the responsibility of document collection for establishing rights associated with insurance, pensions, social security, and ownership. This includes bank books and statements, deeds, leases, income tax returns, veterans discharge certificates, care title/registration, disability claims, unpaid bills, property tax bills, credit card information; marriage certificates, Social Security number, citizenship papers, insurance, Will, birth and policies related to life, health, accident, and property. A notification has to be provided to the post office, relatives, friends, employer, religious, fraternal, civic, veterans organizations, unions of your death; and insurance agents. The estate's personal property has to be collected, preserved and appraised. The residence needs to be secured and the insurance coverage also requires a review. An inventory or Appraisement and list of Claims have to be made for the estate that enumerates the probate assets of the descendent and the claims that the third persons owe to the estate. The valid debts which include administration fees and expenses, funeral costs, medical bills and utilities from the estate account and funeral costs have to be paid. Then comes applying for the advantages of Social Security and employer identification number. If there is any tax liability, it has to be determined and correspondingly the final filing of tax return must be done. Finally, as per the Will, the money and property distribution can be carried out.
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