If you live in Texas, you will likely be subject to its probate laws upon your passing. During a typical probate proceeding, an executor will be appointed to represent your estate, and this person will be asked to carry out a variety of duties on its behalf. Let’s take a closer look at a few of these key responsibilities.
The executor submits death certificates to relevant agencies
One of the first things an executor will do is send death certificates to the various entities that need to keep them on file. In most cases, a copy of this document will be sent to any government agency that was sending a benefit of any kind to the deceased person. Copies of this document will also likely be sent to creditors, financial institutions and other entities that may need them so that a deceased person’s affairs can be settled.
An executor inventories the estate
An inventory will be conducted to determine what was held in the testator’s possession at the time of his or her death. If necessary, assets will be appraised to determine their value for tax purposes. If anything is missing, an executor will need to make a good faith effort to find the item or take other actions in a timely manner.
Assets will be transferred under this person’s supervision
The estate representative is responsible for ensuring that assets are transferred per the terms of the testator’s will. If any challenges are made to the document during a probate proceeding, the estate representative will evaluate them on their merits. If a claim is valid, he or she will represent the estate when it is heard. In most cases, an attorney will assist an executor with a legal challenge.
Choosing an executor may be one of the most important decisions that you make during the estate planning process. Generally speaking, anyone can fulfill this role as long as they are over the age of 18, are of sound mind and are willing to take their duties seriously.