Houston Estate Planning and Elder Law Attorney Blog
As you may know, an estate executor is a person appointed by an individual to carry out the terms of his or her will. In Texas, there is a distinction between an independent executor and a dependent executor. An independent executor has the authority to carry out the will’s terms with minimal court supervision. A dependent executor, on the other hand, needs court approval for most of what he or she needs to do. On today’s blog, we review some of the basic responsibilities and challenges of the independent executor.
Benefits of the Independent Executor
It might be obvious that the independent executor saves time and money, given that there is less court intervention needed during probate. Many estates with an independent executor benefit from quicker estate settlement because the executor can move forward with minimal need for the court’s involvement.
Roles of the Independent Executor
The independent executor has a wide range of responsibilities, including taking stock of the estate’s assets, ensuring debts and taxes are paid, and doling out the estate’s remaining assets to the testator’s beneficiaries. Independent executors have the authority to make decisions about the possible sale of property, settlement of claims, and distribution of assets without involving the court.
Challenges of the Independent Executor
While it can be beneficial to have the minimal court supervision as an independent executor, it also means there is more pressure to meet deadlines, since there are fewer points of contact with the court itself. As an independent executor, you must understand and abide by deadlines for filing the decedent’s will, notifying possible creditors, paying necessary taxes, and distributing leftover funds.
It is also crucial, as an independent executor, to keep estate funds completely separate from personal funds. No money from the estate should go to your personal bank accounts, and you should avoid paying estate expenses from your own bank accounts as well. Combining funds can make things confusing down the line, and it can be difficult to separate out each account if you have comingled the testator’s money with your own at any point of the probate process.
Choose McCulloch & Miller for Your Estate Planning Needs
If you are an independent executor looking for legal advice, contact our firm at McCulloch & Miller. We are a group of Houston estate planning attorneys with the experience, empathy, and efficiency necessary to help you take care of your probate needs as quickly and thoroughly as possible. Beginning the probate process can feel daunting, but with the right legal team in place, you can do everything in your power to make sure it is handled correctly the first time around.
To set up a consultation with a Houston estate planning attorney from our firm, call McCulloch & Miller today at 713-597-7176. You can also fill out our online form, and an attorney will reach out to talk with you about the details of your case. We provide a vast array of legal services related to estate planning, probate, trust administration, special needs planning, elder law, and more.