Choosing an executor makes a difference when it comes to your estate plan. You might have the perfect plan in place, but an incompetent administrator might waste it.
According to the Texas Estates Code, an executor has the authority to make any purchase, payment or claim they believe is in the estate’s best interest. However, Texas does not have strict executor requirements. This means the decision of who to appoint rests on your judgment. Continue reading to learn about how to choose the right executor.
Choose a person with good credit
An executor must be in good financial standing because Texas requires them to get a surety or probate bond. Bonding requires good credit, and a court will not allow the executor to act on your behalf if they cannot receive a bond.
Choose a committed person
Good credit is essential, but your executor also must be reliable. They might pay all their bills on time, but that does not mean they can commit to administering your estate. Choose an executor who wants to do the job through a sense of obligation, financial incentives or both.
Choose one or more successors
When you name an executor, it might be several decades before you pass away. The executor might also pass away or become incapacitated, so it is essential to have one or more successors in place. Successors may be someone specific, or you might create a list of qualifications that help find a new executor after you die.
Your executor needs to be more than a friend or family member. They must have an understanding of the responsibilities they hold and take them very seriously.