The loss of a loved one can trigger a series of emotions such as grief, anxiety or fear whether the loss was sudden or expected. However, if you serve as the executor of your loved one’s Texas estate, you’ll need to balance your emotions with the fact that certain actions need to be taken in a timely manner.
Inventory assets
One of your primary initial duties as an executor is to secure and create an inventory of your parent’s assets so that everything mentioned in the will can be distributed to their rightful recipients. If items are taken without permission, you may be held liable if you were negligent in failing to secure them.
Obtain death certificates
The next step that you’ll need to take is to obtain death certificates that can be used to gain access to banking, life insurance and investment accounts and others that need to be closed. You’ll also need to create a bank account for the estate and publish a creditor notice so that they have a chance to file claims against the estate.
Distribute assets
After everything has been accounted for and claims have been settled, assets can be distributed to beneficiaries. This should be done in accordance with the will assuming that it has been declared valid. You will need to have the probate judge’s permission to distribute the assets, and you may face sanctions if you distribute assets too soon. You may also face a legal challenge if you take actions that aren’t in accordance with the will or otherwise in the estate’s best interest.
As an executor, you are responsible for ensuring that your parent’s final wishes are adhered to as closely as possible. It may be worth having conversations with your loved one while they’re alive to ensure that you know where all assets are and get answers to any questions you might have.