He asks if you will be ready to serve as executor. Prior to you respond to that concern, you need to understand about the duties you will be responsible for if you choose to act as executor.
According to Black’s law dictionary, an administrator is “An individual designated by a testator to perform the instructions and requests in his will, and to get rid of the property according to his testamentary provisions after his decease.” The executor is somebody named in the will by the decedent. After the decedent dies, it is the responsibility of the executor to probate the decedent’s estate. The administrator will have to submit the decedent’s will with the court, typically in the county where the decedent lived, and swear an oath in front of the judge swearing that he/she will perform the duties of executor. If the will is effectively prepared, the executor will be an “independent” administrator which means he or she will then be complimentary to tackle the responsibilities of the administrator without more interference from the court.
The executor has 3 primary duties:
Identify and gather the properties of the decedent’s estate.
Once the application is filed and the administrator has actually taken the oath, the court problems what are called “letters testamentary” to the administrator. These letters enable the executor to have access to all of the decedent’s property and records. The administrator needs to then recognize any savings account, brokerage accounts, retirement accounts, stock certificates, real estate, automobiles, 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 properties to the court. When the possessions are identified, the administrator will need to collect and safeguard those possessions. The administrator will have 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 need to identify not only the decedent’s possessions, however likewise any debts or taxes that the decedent may have owed at the time of death. Any recognized creditors should be offered notification of the probate case. The executor has the obligation to approve or deny any claims that are made to the estate. The executor is responsible for paying any valid debts from the assets of the estate. The executor is NOT personally accountable for any debts of the deceased. If the financial obligations
Distribute the Remaining Assets.
If there are any remaining possessions after the financial obligations have actually been paid, the administrator has the obligation of distributing the staying assets according to the decedent’s will. If the decedent did not have a will, then the assets need to be dispersed according to the arrangements of the Texas Probate Code. It is typically a good concept for the executor to get invoices from the heirs that get property, and file those receipts with the court revealing that the administrator has fulfilled his or her obligations.
The amount of time and effort required of the executor can vary depending on the complexity of the estate and the relationships amongst the successors. All expenses of probate generally come out of the estate. Costs can include filing fees, lawyer fees, appraisals, and possible litigation. The executor is never personally accountable for expenses and costs. In Texas, the executor can be entitled to reasonable settlement for his/her time unless the decedent particularly rejected settlement in the will.
An executor has fiduciary tasks to act for the benefit of the beneficiaries, and also has actually obligations owed to the court. An administrator can be held accountable if she or he acts dishonestly or mainly attempts to enrich himself or herself during probate proceedings.
The answer you will give to your buddy who desires you to function as administrator is up to you. No one can force you to assume the obligations of an executor. If you do not desire the responsibility, it is best for you to inform your friend ahead of time.