He asks if you will be prepared to serve as administrator. Before you answer that question, you need to understand about the duties you will be responsible for if you pick to act as executor.
According to Black’s law dictionary, an administrator is “An individual selected by a testator to perform the instructions and demands in his will, and to dispose of the property according to his testamentary provisions after his decease.” The administrator is somebody called in the will by the decedent. After the decedent passes away, it is the responsibility of the administrator to probate the decedent’s estate. Initially the executor will need to submit the decedent’s will with the court, normally in the county where the decedent resided, and swear an oath in front of the judge swearing that he/she will perform the responsibilities of administrator. If the will is effectively prepared, the executor will be an “independent” administrator which indicates she or he will then be free to go about the duties of the executor without additional disturbance from the court.
The executor has 3 main duties:
Identify and gather the possessions of the decedent’s estate.
Once the application is submitted and the administrator has actually taken the oath, the court concerns what are called “letters testamentary” to the executor. These letters allow the administrator to have access to all of the decedent’s property and records. The executor must then recognize any bank accounts, brokerage accounts, retirement accounts, stock certificates, real property, lorries, and any other property that the decedent may have owned at the time of his death. The executor will have to provide an inventory of those assets to the court. As soon as the properties are determined, the administrator will need to gather and protect those assets. The administrator will need to close accounts in the name of the decedent and open accounts in the name of the estate.
Pay Debts and Taxes.
The executor will have to determine not only the decedent’s possessions, but also any financial obligations or taxes that the decedent may have owed at the time of death. Any recognized lenders need to be notified of the probate case. The executor has the duty to authorize or reject any claims that are made to the estate. The executor is responsible for paying any legitimate debts from the assets of the estate. The executor is NOT personally accountable for any financial obligations of the deceased. If the financial obligations
Distribute the Remaining Assets.
If there are any staying assets after the financial obligations have actually been paid, the administrator has the obligation of dispersing the remaining properties according to the decedent’s will. If the decedent did not have a will, then the assets must be dispersed according to the provisions of the Texas Probate Code. It is typically an excellent idea for the administrator to get invoices from the successors that receive property, and submit those invoices with the court showing that the administrator has actually satisfied his or her obligations.
The amount of time and effort needed of the executor can vary depending upon the intricacy of the estate and the relationships among the successors. All costs of probate usually come out of the estate. Expenditures can include filing charges, lawyer costs, appraisals, and possible lawsuits. The executor is never personally liable for costs and expenses. In Texas, the administrator can be entitled to affordable settlement for his/her time unless the decedent particularly rejected settlement in the will.
An executor has fiduciary tasks to act for the advantage of the heirs, and likewise has actually duties owed to the court. An executor can be held accountable if he or she acts dishonestly or primarily tries to enhance himself or herself during probate proceedings.
The answer you will provide to your buddy who wants you to function as administrator is up to you. No one can require you to presume the obligations of an administrator. Nevertheless, if you do not want the obligation, it is best for you to tell your friend ahead of time.