Deciding on an estate plan executor is no simple task. You need someone that you can trust to handle your affairs as you wish upon your death, and that person must be both willing and capable of managing your estate.
The role of an executor is to act as your personal representative, and the job involves dealing with the probate court, paying any outstanding debts and distributing assets in accordance with the provisions of your estate plan. Choosing the right person is important – here, you’ll find information that may help you come to a decision.
In many Texas estate plans, a trusted family member or friend is designated as the executor. If one of your loved ones is honest, trustworthy and good working with people, they may be the best choice – but because of the complexity of the duties involved, make sure the person you select as executor is competent, intelligent and dependable.
Also, managing your estate may involve spending a significant amount of time in Texas, working with the local courts. If you choose an out-of-state executor, they’ll need a Texas resident who can serve as an in-state agent, someone who can accept legal documents on behalf of your estate.
Settling an estate can take years, and serving as an executor can require considerable effort. Make sure the person you choose is prepared to take on what is largely a labor of love – and compensate them for their efforts, stating in your will that your executor can pay themselves a reasonable amount.
Estate planning attorneys typically recommend naming one person as executor, as sharing the duties can make the process of managing your estate more complicated. You can, of course, decide on co-executors – but before doing so, make sure that they’ll be able to work together without any animosity.
Not everyone has a family member or friend who can act as an estate plan executor – but that’s not a problem. You can find a lawyer, accountant or other professional to take on the role in exchange for a fee derived from your estate. Or, you can name a loved one, with the understanding that they’ll be hiring someone to manage your affairs.
Making an estate plan is never simple. You must be thorough, as you won’t be around to answer questions – and for that reason, working with an experienced estate planning attorney is in your best interests.
The legal team at Schultz and Kellar, serving northern Texas and the Dallas-Fort Worth metroplex area, can help you draft a comprehensive estate plan with clear documentation that gives direction to your executor. And if you’re having trouble figuring out who to put in the role, we can offer expert advice.
For more information on our legal expertise, or to schedule a free, no-obligation consultation to discuss your estate planning or executor choice with an experienced attorney, contact Schultz and Kellar in Southlake, Texas, today.