5 Things You Should Know About Estate Trustees
Estate trustee or ‘executor’ is responsible for carrying out a set of duties for executor compensation as the state law defines. Estate trustee or an executor is a person who carries out the wishes of a deceased person in his will. In typical cases, when a person dies, he chooses one or two persons to fulfill the responsibility of distributing the assets to the respective beneficiaries and pay the debts.
Certain Things You Should Probably Know About Estate Trustees:
1.A trustee keeps a strict check on trust distribution as defined in the will of the deceased. He or she is a designated estate manager. The trust is an account that holds to-be-distributed assets and finances. The trustee will distribute these assets to one or more people in the future on the basis of the Will.
2.The attorney is usually close to the deceased.
3.In order to complete every responsibility, he must commit at least a year to the estate management.
4.If the person holds a simple joint account with a spouse or his/her estate is small, the trustee can carry out the proceeding without the official validity of the Will.
5.But if the estate is larger or significant in size, the legal probate process is complex. The process may take comparatively more time and it is essential to ensure the proper management of estate as per the requests of the deceased in his or her Will. It is important for an estate trustee to determine the estate’s condition by its documents and papers.
If the deceased is survived by successor(s) of under 18 years of age, the law mandates a trustee or a guardian to manage the inheritance of the beneficiary until the child reaches adulthood. It may also be possible that the Will necessitates the possession of estate and trust after a certain age (much later than adulthood). In this case, the beneficiary will have a certain amount of funds to carry out the unavoidable expenses until the entire distribution at a certain age takes place.
Duties of a Real Estate Litigation Attorney of Houston
Here are some of the duties of an estate trustee or an executor:
1.Though the duties of a real estate litigation attorney of Houston may be vast, their duty span is shorter. His duties include legal documentation, property sales, and asset distribution. For these legal proceedings he gets a fee which is usually a small estate value amount.
2.His other common responsibilities include paying bills, setting up bank accounts of estate, paying debts on behalf of the estate (if there are any), paying any necessary taxes, keeping records of accounts, and beneficiary communication. Moreover, for setting up the estate account, it is essential to present the notarial copy of estate trustee’s Courts Certificate of Appointment, along with the signature card, and photo identification.
Once these responsibilities and tasks of paying the debts and taxes are over (which is a legal prerequisite), the remaining amount of the estate goes to its heirs as the Will outlines.