Tasks and Function of an Administrator
He asks if you will be prepared to serve as executor. Before you address that question, you should understand about the tasks you will be responsible for if you select to act as administrator.
According to Black’s law dictionary, an administrator is “A person selected by a testator to perform the instructions and requests in his will, and to deal with the property according to his testamentary arrangements after his decease.” The administrator is someone 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. The administrator will have 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 carry out the responsibilities of administrator. If the will is properly prepared, the administrator will be an “independent” administrator which suggests he or she will then be totally free to set about the duties of the administrator without further interference from the court.
The executor has 3 main duties:
Identify and collect the properties 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 needs to then identify any savings account, brokerage accounts, retirement accounts, stock certificates, real estate, lorries, and any other property that the decedent might have owned at the time of his death. The executor will have to provide a stock of those assets to the court. When the assets are identified, the administrator will have to collect and secure those possessions. The executor will have 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 need to determine not just the decedent’s properties, however likewise any debts or taxes that the decedent might have owed at the time of death. Any recognized lenders should be notified of the probate proceeding. The administrator has the duty to authorize or reject any claims that are made to the estate. The executor is accountable for paying any valid financial obligations from the properties of the estate. The executor is NOT personally responsible for any debts of the deceased. If the debts
Distribute the Staying Assets.
If there are any staying properties after the debts have actually been paid, the executor has the responsibility of distributing the remaining possessions according to the decedent’s will. If the decedent did not have a will, then the properties must be dispersed according to the provisions of the Texas Probate Code. It is generally a great concept for the executor to acquire invoices from the successors that receive property, and file those receipts with the court showing that the administrator has fulfilled his/her obligations.
The amount of time and effort needed of the executor can differ depending upon the complexity of the estate and the relationships among the successors. All expenditures of probate generally come out of the estate. Costs can consist of filing charges, lawyer charges, appraisals, and potential lawsuits. The administrator is never personally responsible for costs and expenditures. In Texas, the executor can be entitled to sensible payment for his/her time unless the decedent specifically denied compensation in the will.
An executor has fiduciary duties to act for the advantage of the heirs, and also has obligations owed to the court. An administrator can be held liable if he or she acts dishonestly or mostly attempts to improve himself or herself throughout probate proceedings.
The answer you will provide to your good friend who wants you to function as administrator is up to you. Nobody can require you to presume the obligations of an administrator. If you do not want the duty, it is best for you to tell your good friend ahead of time.