Whether you are the named executor of a loved one’s Will or you’re considering whom to name as executor of your own Will, it’s important to understand the role and duties of an executor. The job of an executor can be daunting; it comes with a lot of responsibility and, often, little reward.
An executor, also referred to as personal representative, is the person with legal authority to act on behalf of a deceased person’s estate. If the deceased person had a Will, it is the executor’s job to carry out its terms. The executor has a fiduciary responsibility to the beneficiaries of the Will. This responsibility is among the highest under the law and comes with serious legal obligations.
Naming a person as executor in a Will does not automatically grant him the authority to act on behalf of the estate. To act, an executor must first be appointed by a court. This generally involves filing the necessary paperwork to probate a Will, a hearing in court to prove the validity of the Will, and qualifying as executor.
Once appointed, the executor has the legal responsibility to carry out the terms of the Will and must comply with executor duties specified by Texas law. The duties of an executor include preparing an inventory of the Estate, notifying creditors and beneficiaries, collecting and protecting the assets of the estate, paying taxes and valid claims owed by the estate, and distributing the assets to the beneficiaries of the Will. The executor also has certain legal obligations to the beneficiaries, including a duty to be transparent about their activity as executor, a duty to act in good faith, a duty of loyalty, and to avoid conflicts of interest.
The time it takes for an executor to complete the administration of an estate varies widely depending on a number factors, such as the size and assets of the estate, the amount of debt, and the beneficiaries.
If you have been named executor and need assistance, contact us. You can also find answers to common questions about the probate process here.
