What are the legal duties of an executor?
- Arranging the funeral
- Securing and appraising the assets of the deceased
- Applying for probate, if necessary
- Paying the debts and taxes of the deceased
- Accounting to beneficiaries
- Distributing the assets of the estate
What is an executor and what do they do?
- An executor is the legal representative of a deceased person's estate and they have a fiduciary duty to act in its best interests
- If you’ve been named executor in a will, you can turn down your role
- Estate executors are typically paid a fee for their duties
What does an executor of an estate need to do?
Your Estate Executor Duties Checklist
- Obtain a Copy of the Death Certificate. The first responsibility of an estate executor is to obtain copies of the death certificate. ...
- Make Funeral Arrangements. The will may include instructions for the funeral arrangements. ...
- File the Will in Probate Court. ...
- Locate the Assets and Manage Distribution. ...
- Communicate With Appropriate Allies. ...
What does being appointed an executor entail?
An executor is a person designated by law to oversee the probate process after someone dies. In broad terms, the executor passes on inheritances and pays off debt per the decedent's wishes and any applicable laws. The executor will take possession of any valuable assets while the estate is being evaluated. The executor must also take care of ...
What can an independent executor do in Texas?
402.002. INDEPENDENT EXECUTORS MAY ACT WITHOUT COURT APPROVAL. Unless this title specifically provides otherwise, any action that a personal representative subject to court supervision may take with or without a court order may be taken by an independent executor without a court order.
Can independent co executors act alone in Texas?
Can I serve as independent executor without an attorney representing me? Probably not. Most courts will not allow a person to act in a fiduciary capacity without an attorney.
What is an independent executor in Louisiana?
The Louisiana Legislature passed a statute which became effective on August 15, 2001 dealing with the “Independent Administration” of Louisiana successions. The statute allows the executor or administrator of an estate to handle all of the matters of the succession without the necessity of obtaining court authority.
What is the difference between executor and co executor?
The executor is the person named in the Last Will and Testament to handle the affairs of the estate. When more than one person is appointed as executor the are referred to as co-executors.
Can executor sell property without all beneficiaries approving in Texas?
The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don't have to approve of the sale.
Do all executors have to apply for probate?
If you are named in someone's will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. You do not always need probate to be able to deal with the estate.
How much does an executor get paid in Louisiana?
The law sets the Executor's fee at 2 1/2% of the gross estate unless you state otherwise in your Will.
How long do you have to probate a will in Louisiana?
There is no specific deadline for filing for probate in Louisiana, and individuals can file a will up to five years after entering probate. An individual may file a will after beginning the process if they find a document with a more recent date.
What is an independent administrator of an estate in Louisiana?
(2) "Independent administrator" means the succession representative authorized by the court to administer a succession in accordance with the provisions of this Chapter.
Can executors act independently?
However, executors are jointly responsible for the actions of any of them, regardless of what any individual executor does. So while one executor can act alone, they can only act with the consent of the others.
Is it a good idea to have 2 executors?
People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
Can my son be executor of my will?
Who can be an executor of a will? Many people choose their spouse or civil partner, or their children, to be an executor. At least one of your executors will need to be aged over 18 at the time they apply for probate – which is a legal document that gives you the right to sort out the affairs of someone who has died.
Do co-executors have to act together Texas?
When someone is named as the executor of a will they become responsible for performing a series of duties in order to complete the probate process. If you have more than one executor, then these co-executors must perform all these duties together.
Can executors work independently?
It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. Co-executors will need to work together to deal with the estate of the person who has died. If one of the executors wishes to act alone, they must first get the consent of the other executors.
Should there be more than one executor?
People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
Can an executor add another executor?
Can an executor appoint another executor? If they are unable to act temporarily, for example, they live abroad; it is possible to give a Power of Attorney to another person to act on their behalf. The executor can delegate the functions he/she has to carry out to the attorney.
What does it mean when a will names two executors?
A person’s will typically names one individual as the executor, meaning that they have complete control over the estate and any proceedings that follow as part of the probate process. But what happens when a will names two (or more) executors to have authority over the estate?
Why do we name alternate executors?
Because of the problems that can arise due to a lack of proximity or cooperation, a viable alternative to naming co-executors is to name alternate executors instead. In general terms, alternate executors are substitutes for the primary executor.
Why do people name their children as co-executors?
Co-independent executors are most commonly named by parents of multiple children who wish to not cause additional complications after death through resentment of who is chosen to be executor of the will. But in trying to prevent complications by naming their children as co-executors of the estate, parents often unwittingly create a larger web of complex legal and fiduciary challenges for their children to navigate on their own.
What happens when one co-executor is unethical?
In instances where unethical, illegal or otherwise obstructive behavior is repeatedly observed by one co-executor, they may petition to have the other removed from their position and asume executor responsibilities independently.
What happens if one co-executor disagrees with the decision of the other?
If one co-executor disagrees with the decision of the other co-executor, then action cannot be taken until the conflict is resolved and both parties are in agreeance. Generally, co-independent executors are expected to cooperate on matters surrounding:
Is it better to name one child as primary executor or alternate executor?
It may be better to name one child as primary executor and the others as alternate executors as opposed to naming them all as co-executors. Depending on their relationship with one another, it could save them from the stress of in-fighting as they navigate probate and try to work out what is in the best interests of the other heirs and beneficiaries. This also eliminates the need to be in close proximity to one another in order to sign paperwork and checks on behalf of the estate.
Do primary executors and alternate executors work together?
Unlike co-executors, primary executors and alternate executors are not required to work together on matters of the estate—it is solely the responsibility of the named executor to oversee the estate unless they are no longer able to.
What does it mean to be an independent executor in Texas?
When you are named as an Independent Executor in a Will or otherwise appointed by a Court to serve as an Independent Administrator of an estate in Texas, you become responsible for the task of administering the decedent’s estate.
Who is disqualified from serving as an executor of an estate?
However, the following persons are disqualified from serving: An incapacitated person. A convicted felon. A non-resident who has not appointed a resident agent.
What is estate administration?
Estate administration can be a daunting endeavor. As the Independent Executor or Administrator, you will be locating and valuing the decedent’s assets, preparing the estate inventory, providing required notice to various creditors and beneficiaries, paying outstanding debts of the decedent, paying personal income taxes and estate taxes (if any), preparing tax returns, and distributing the remaining assets to the decedent’s beneficiaries or heirs. During the estate administration , you will use diligence in your actions, and you must never comingle any of the estate’s property with your personal assets.
What is a non-resident who has not appointed a resident agent?
A non-resident who has not appointed a resident agent. A corporation not duly authorized to act as a fiduciary. An unsuitable person. You will not have authority to act on behalf of the estate until you have taken the oath of office and filed a bond if required. If a bond is required, the Court will set the amount.
How long do you have to file an estate tax return in Texas?
If applicable, you must file an estate tax return within 9 months after the date of the decedent’s death; Additional deadlines may apply. There are many complexities associated with acting as the Independent Executor or Administrator of an estate in Texas.
What is an independent executor?
Your Independent Executor is responsible for collecting all of you assets and properly distributing them. Sounds pretty easy, right? WRONG! There are many things your Independent Executor should know in order to make sure they fulfill their position properly. Your Independent Executor can be personally liable to all of your beneficiaries under the Will, who you are leaving assets to, if they do not do their job the right way. Below are 9 of the most common mistakes your Independent Executor can make.
What happens if you distribute money to an estate too early?
If distributions are made too early, the Independent Executor could be held personally liable if they did not follow the correct process. Unfortunately, we have found once the money is distributed to the beneficiaries, they are not giving it back.
What is the most important part of a will?
Although an extremely important part of your Will is to determine who you want to receive your assets, in many instances an even more important consideration that must be made is who to appoint as your Independent Executor.
Do creditors get paid?
Not all creditors are treated equally. Depending on the size of the estate, some creditors may not ever get paid. If an Independent Executor pays a creditor too early, they could be found negligent and personally liable to the estate.
Is an independent executor a thankless job?
There are many thankless jobs out there, however one such job that people truly don’t understand until they are thrust into it is the job of an Independent Executor. This job can be extremely difficult and time consuming, or can run rather smoothly BUT either way it is still a thankless job.
Can an independent executor look to certain property?
The Independent Executor too often begins distributing the estate without understanding there may be some property that is exempt, meaning creditors cannot look to certain property for payment of the debt. In addition, a spouse or minor child may be entitled to certain property even if the Will states otherwise.
Has A Loved One Passed Away And You Find Yourself In Need Of A Probate Attorney?
If you find yourself involved in the confusing probate process help is available. Contact us online or call our Dallas office directly at 214.559.7202 to schedule your free consultation with our experienced probate attorney.
What is a co-executor?
Co-executors are to act in a both/and relationship, not either/or. In other words, in order for action to be taken, both should be signing off on it. The letters testamentary should state both names. To act without the knowledge or consent of the other co-executor is a breach of such a relationship...
Should co-executors be independent?
Co-executors should not be independent and the attorney should be in the loop.
Can an independent co-executor act alone?
The Will contains the correct answer. A Will can provide that each Independent Co- Executor may act alone without the consent of the other Indpendent Co-Executor. That is not usually done, but the Will needs to be reviewed for the authority of one Independent Co-Executor to act alone. Although a wise Indpendent Executor will consult with his attorney before taking major action, there is no legal requirement for him to do so.
