Setting up an estate plan in Texas typically involves drafting and executing a will. As part of this process, you will select an executor for your will. This is an important decision and should not be taken lightly.
An executor, sometimes called a personal representative, is the person responsible for managing your estate after you pass away.
What does an executor do?
An executor has many tasks. Some of these include filing a petition with the probate court to open your estate, identifying and valuing assets, notifying creditors and beneficiaries of your estate, paying estate debts and distributing assets to your heirs.
Once these tasks are complete, an executor takes care of any outstanding responsibilities and closes the estate. Being an executor requires traits such as organization, trustworthiness and financial literacy. Emotional maturity is another trait to consider, since an executor must often perform their tasks while working through grief.
Given the crucial role that an executor plays in the probating of your estate, you should choose an executor you believe can handle the duties.
Many people choose their spouse as their executor. This is a natural choice, since your spouse is typically the closest person to you and someone you trust will carry out your wishes.
An executor does not need to be a family member or even an individual. You can choose a professional or entity to serve as your executor. Examples include a bank, law firm or accounting firm.
Backup and co-executors
Although your spouse may be your first choice, consider naming a backup executor. If your spouse passes away before you and you do not have a backup executor named, the court will appoint an executor. The executor chosen by the court may not be someone you would have wanted or trusted with these important duties.
You can also choose co-executors. These executors will both assume their roles when you pass away but will work together. No decisions can be made or tasks completed without the agreement of both executors.
Naming two or more children as co-executors is common. This can be viewed as a solution to prevent potential conflicts between children over who was chosen. However, there is also potential for conflict with co-executors if they do not agree on decisions or one executor is not as involved in the process, leading to delays and complications.
If you choose an executor and backup executor, ensure your will is drafted to clearly outline each person’s role. List each executor and state their role.
Talk with your potential executors
No matter who you choose as your executor, talk with them first about your will and their possible role as an executor before selecting them. This allows you to confirm that they are willing to serve and understand what they will be expected to do.
Choosing an executor, and any backup or co-executors, is just one choice you must make when setting up an estate plan and it can be a difficult decision. Every choice you make is important, as a solid estate plan helps ensure your loved ones will be taken care of after you pass away.