Creating an estate plan requires you to make arrangements for the future and ensure that your loved ones are taken care of after you are gone. In addition to making a plan, you will need to choose someone to make sure the plan is followed after your passing. The executor of your estate will oversee managing the disposal of all assets and the distribution of proceeds to your beneficiaries.
Who can serve as my executor?
Generally, you can choose any competent adult to be your executor. In Texas, the requirements for an estate executor are as follows:
- Must be at least 18 years old and of sound mind.
- Must not have been convicted of a felony.
- Must not have a conflict of interest.
Before you choose an executor, you should make sure they are able and willing to perform the duties expected of them. These duties include:
- Compiling a list of the decedent’s estate assets.
- Valuing decedent’s assets.
- Filing a will with the probate court.
- Paying off the decedent’s debts, including owed taxes.
- Distributing property to beneficiaries pursuant to the wishes of the deceased.
The person you choose as an executor will have a great deal of responsibility and will be expected to always act in the best interest of your estate and your beneficiaries. While many people choose a close family member or friend as their executor, choosing a third party such as a bank may also be a viable option. A probate and estate administration attorney can help you make your choice and ensure that all of your estate planning documents are up to date.