One important consideration in your will is naming an executor. This is the person designated to bear the task of carrying out the terms of your will. The executor of an estate is a fiduciary. This means that they owe fiduciary duties to the beneficiaries of your will when performing their responsibilities during the probate of and execution of the terms of your will. A fiduciary duty in this context means the executor must act in the beneficiary’s best interest.
When choosing an executor, keep in mind that an executor of an estate must be at least 18 years old and of sound mind.
Additionally, it is important to note that a person who is incapacitated or a convicted felon under any state or federal law, will be deemed unqualified, Additionally, a person will be disqualified if they are not a natural person—meaning a living human being—or corporation. A corporation is also disqualified if they are not authorized to act as a fiduciary in Texas. A non-resident of Texas will need to appoint a resident agent to accept service of process. Lastly, the court may disqualify any person the court finds to be unsuitable.
When thinking about who to name as your executor, give some thought to the following:
(1) Name someone close to you that you think will do the right thing and act according to your wishes.
(2) Name someone who will act in good faith on behalf of all the beneficiaries listed in the will.
(3) Name someone who lives in the state of Texas, if possible. This makes it easier to handle
day-to-day matters without having to appoint someone within the state to accept service.
(4) Avoid choosing a corporation to serve as your executor, if possible. This way you avoid
having them disqualified if they are not authorized to act as a fiduciary.
If you have any questions about naming an executor of your will or want more information, call us today at 210-368-9708 or contact us to make an appointment.