- January 31, 2017
- May Law, LLP
- Criminal Law
- 0 Comments
The pressure of being named as a loved one’s Executor can be overwhelming on its own; let alone the Court’s pressure to meet all the deadlines required by the Courts. An Executor/Executrix holds major authority in assuring that the beneficiaries within an Estate receive their inheritance in a timely fashion.
The question often presented “How do you please everyone within an administration?” is often asked. The best answer to this question is communication. The Probate process can in fact be a lengthy one and each Estate varies from the next. Depending upon how many beneficiaries there are as well as the assets within an Estate can determine the length of distributing the assets.
Communication is key within probating an Estate. If you keep the beneficiaries informed as to your deadlines with the Courts it has been proven that the beneficiaries have more patience. If you reach out to them approximately every other week with an update this tends to soothe people’s concerns as well.
A misconception is that the Executor/Executrix retains a higher portion of disbursement within an Estate and this is not true, according to an experienced Arlington TX probate lawyer. The Executor/Executrix simply is the person that is sworn in by the courts and held legally liable to administer the Estate effectively and efficiently. Majority of Executors/Executrixes do not even receive compensation for being appointed within an Estate. The Decedent specifically has to request that the Administrators be provided reasonable compensation within their will to even receive compensation. There are special exceptions to this and all Executors/Executrixes are entitled to be compensated for any out of pocket expenses they may incur during the Administration.
When communicating with the beneficiaries, as an Executor/Executrix you must always provide the beneficiaries with legal documents. These documents include, Notice to Beneficiaries, Notice of Claims against the Estate, Inventory of the Estate and then ultimately the division of assets. If you stay in communication with the beneficiaries and provide them with information on the Estates, more than likely you will be an exceptional Executor/ Executrix.
Thanks to our friends and contributors from Brandy Austin Law Firm PLLC for their insight into being an executor/executrix.