Serving as an executor of an estate is both an honor and a significant responsibility. In Texas, the executor, also called a personal representative, plays a crucial role in ensuring that the deceased person’s wishes are carried out and that the estate is properly administered. Understanding the duties and responsibilities involved can help potential executors prepare for this important role and help beneficiaries understand what to expect during the probate process.
The executor’s primary responsibilities begin with filing the necessary paperwork to have the will admitted to probate. Once appointed by the court, the executor must take control of the estate’s assets, which includes securing property, opening estate bank accounts, and obtaining necessary insurance coverage. The executor is also responsible for identifying and inventorying all estate assets, having them appraised when necessary, and filing a detailed inventory with the court within 90 days of appointment.
One of the most critical aspects of the executor’s role is managing the estate’s financial obligations. This includes identifying all debts and claims against the estate, providing proper notice to creditors, reviewing and validating claims, and paying legitimate debts from estate assets. Further, the executor is responsible for pursuing claims which the estate has against third parties. The executor must also handle tax obligations, including filing final income tax returns for the deceased and any necessary estate tax returns, while ensuring all taxes are properly paid.
The executor is responsible for distributing estate assets to beneficiaries according to the terms of the will, but only after all debts, taxes, and administration expenses have been paid. This process requires careful documentation and communication with beneficiaries throughout the administration period. The executor must maintain detailed records of all transactions and may be required to provide periodic accountings to the court and beneficiaries.
Throughout the entire process, the executor has a fiduciary duty to act in the best interests of the estate and its beneficiaries. This means making decisions that preserve and protect estate assets while following the law and the terms of the will. Given the complexity and legal requirements involved, executors should strongly consider working with an experienced probate attorney to ensure they fulfill their duties properly and avoid personal liability for mistakes or omissions.