Texas Real Estate and Probate - Part 3 The Executor

The Executor named in a will has a number of duties to perform.  Among them are:

• Reads the will and expedites the burial instructions.
• Meets with family members and other interested parties who desire aid and information, meets with the attorney who drew the will and persons familiar with the financial affairs.
• Safegaurds the assets and takes immediate protective measures as are desirable prior to appointment as executor - looks into insurance and protections of real and personal property, has knowledge of the ongoing business interests, examines all of the books and files, and gives notice of the death to banks, safe deposit companies and others.
• Petitions the Court for Probate of the will - obtains proof of heirship, locates witnesses, petitions for the probate of the will through an attorney for the estate and from time to time, applies for all necessary court order in the administration of the estate, obtains appointment as executor.
• Assembles and inventories all of the assets - takes all necessary steps to collect life insurance policies, secures tax waivers and collects all cash, inventories and appraises household goods and effects, removes and secures valuables, pays all debts owed and locates evidence and witnesses on contested claims, manages ongoing business interets, obtains custody of securities and collects interest and dividends, and inspects the condition, taxes, and mortgages of real estate and arranges for management.
• Obtains the value of all of the assets at the date of the death.
• Administers the estate according to the will, the requirements of the estate, and the local probate law - noting all valuable collections, determines the method and time of sale for articles not bequeathed, carefully estimates the amount of cash to be raised for payment of taxes, legacies, and expenses of the administration and probate net estate for distribution, studies the business interests and determines policy of continuance, liquidation, or sale with due regard to expressions in the will and carries out or adjusts incomplete contracts, reviews market conditons for each security to decide which should be sold first, if necessary to meet taxes, expenses, claims, and specific bequests, and evaluates all real estate from the standpoint of earnings, market and desirability if circumstances require its sale.
• Pays income taxes as well as inheritance and estate taxes - carefully surveys all possible tax claims to see that no furhter liability exists upon review by the government.
• Settles all claims - publishes notice to creditors, assures the propriety of each claim filed, and pays all approved and allowed claims out of the estate funds.
• Distributes the probate estate - prepares date for final account showing in detail all receipts and disbursements, notifies interested persons of hearing on account, after settlement of account by court, distributes remaining property of the estate as directed by the court.
• Obtains final discharge - after final payment and distribution to all legalees, secures final discharge as an executor.