Once you write a will, you need to select an executor. The primary role of the executor is to follow the directions of the will once you pass on. However, if you die without writing a will, your next of kin will mostly likely be appointed the estate administrator, and your property will just be divided among your closest family by the estate administrator. In Texas, a will determines how your estate ends up after you pass on, so it’s advisable that you write a will and leave it with the executor.
An estate administrator is voluntary
The role of an estate administrator is voluntary. Thus, if a person feels that the task is too complicated, they can choose to forego it. Most estate administrators apply for the task since they are the next of kin. However, they must be relatives of the individual. A wife, child or parent can be the next of kin. For estates worth $10,000 or less, the administrator needs to pay a probate fee and apply for an Administration Order. The applicant is also required to pay for a bond to secure their duties.
Debts of the estate
According to estate administration and probate law, the administrator is accountable for any assets in the property. Once the court accepts their application, the administrator needs to ensure that all assets are secure. If the estate was in debt, the estate administrator needs to pay them off. This is usually the first step before the distribution of the assets begins. To know who was owed, they need to put a Notice to Creditors.
Additionally, the estate administrator needs to pay the taxes of the property. Once all taxes are paid, they will be issued with a clearance certificate.
Do you need help understanding the duties of an estate administrator? You may want to contact an attorney for further guidance.