Writing a will is challenging because it requires you to address your own mortality. However, if you don’t make these decisions, a Texas probate court judge will make them for you. In addition to documenting what you want to happen to your property, you will also need to choose an executor. Carefully choosing the person who will act in your place with regard to your assets is an important decision.
Unless you specify otherwise in your will, the executor will need to be bonded. Bonding protects your assets and ensures your creditors get paid from your estate. It also helps ensure your heirs get the inheritance you intended for them. An estate planning attorney may be able to help your executor get their bond if they need one.
The executor you choose doesn’t have to be a financial professional but you should be able to trust them to handle your money properly. Choose someone who has their own finances under control. They shouldn’t be drowning in debt. Remember, the person you name as executor will have control of your assets until they are sold or passed down to your heirs.
Depending on what assets you own and where they are located, the probate process could take years. Your heirs might be anxious to get their inheritance, especially if they need the money to purchase a home, pay for college or get ready for a new baby. Because the money shouldn’t be released early, it’s important to choose an executor who can explain the process and why your heirs need to be patient.
The executor’s role could be time-consuming so be sure to ask the person you intend to elect before writing their name on your will. Be sure to review your will periodically and update it when necessary to ensure your assets are handled the way you want them to be when you’re gone.