When asked to act as the executor of a person’s estate, it is important that individuals think about the request thoroughly. Handling a person’s final affairs and ensuring that probate administration is completed is a complicated enterprise. If Texas residents do not know what they are in for before accepting, they may easily feel overwhelmed later.
It is important to know that acting as an executor is similar to having another job because of the time and effort that comes along with the role. This person will need to gather and protect assets, see the estate through probate, address any creditor claims or other claims against the estate, and distribute assets to the appropriate parties when the time comes. Because there is so much to do, it is wise for executors to prepare ahead of time.
Even if the estate holder is still alive, executors can begin preparations. In fact, it is a smart move to discuss important information with the person before his or her passing removes that opportunity. Knowing where to find important documents, having an inventory of assets and debts, knowing the person’s funeral wishes, and having other information could prove invaluable.
It is a significant responsibility to go through probate administration, and if Texas residents do accept the role of executor, it can be useful to know what to expect. While it can certainly be useful to speak with loved ones before their passing, it is also wise to discuss questions and concerns with probate attorneys. These legal professionals can provide specific insight and answer any questions a person may have about closing an estate.