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Roles & Responsibilities of an Executor

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

 

Owning Real Estate is the most challenging asset in a person's life. Eventually, property has to be sold. However, while still in a person's name or their estate, Real Estate has to be insured and maintained. Safety and liability is part of the package of home ownership. Being an Executor to an Estate may be the biggest headache and most expensive investment of time and money too!

 

If someone is asked to be an Executor, knowing what to do and not to do is extremely important. It's okay to say no. If a person of sound mind and body is having a Will prepared by an Attorney, they should ask as many questions as possible to be sure they appoint the right Executor to their Estate. Sometimes, family members may not be the right choice but the individual having the Will prepared feels torn about who to ask and has good intentions about keeping peace within the family. Naming the correct executor in a Will takes courage and serious thought. A reputable law firm can help. 

 

They say blood is thicker than water but we all know that there are family screw-ups too who don't know how to management money. Sibling rivalry, drama, and meddlers, those people who handle matters carelessly or don't know how to manage their own affairs, let alone an estate are things to think about because purchasing a home and acquiring property is the most expensive investment in one's life time and authorizing the right person to handle your affairs after you are gone is probably even more important.

 

Responsibility

The Executor to an Estate is a fiduciary and can be sued.

 

Liability

 

As an executor, there is an order of priority for paying debts. The term used is referenced as statutory hierarchy for payment of debts.  Obtaining legal counsel for legal guidance and knowing how to handle financial debt is extremely important. I am not an attorney and I cannot practice law. This post is for informational purposes only. 

 

Paying bills to creditors is not the same as paying ordinary utilities, medical payments, etc. When it comes to property taxes and money owed to the government, it would prudent that the person who owns property to choose the right person who can and will know how to disburse proceeds of the estate and pay bills in the correct sequences of order. Out of sequence is a breach of fiduciary duty and can result in potential law suits.

 

A word to the wise - if you love your family and friends, choosing the right Executor is critical. The last thing you want is to be cursed after you pass on if the executor couldn't be responsibe, assumed the role, and got sued in the process. 

 

©Patricia Feager 4/5/2016

 

 

 

 

 

 

 

 

 

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Texas Law requires all license holders to provide the Information about Brokerage Services form to prospective clients.

https://www.trec.texas.gov/sites/default/files/pdf-forms/CN%201-4-1.pdf

dfw fine properties

PATRICIA FEAGER, REALTOR®
DFW FINE PROPERTIES
3575 LONE STAR CIRCLE SUITE 315
FORT WORTH, TEXAS 76177

Email Me
                                  

                                     

MBA (University of Dallas)
BA
(Bachelors of Arts & Science)
Paralegal (Southeastern Career Institute)
Associates (3) (College of Lake County)
KU (University of Kansas)

CERTIFICATIONS

CRS (Certified Residential Specialist)
SRES (Certified Senior Residential Specialist)
PSA (Certified Pricing Strategies; Mastering the CMA)
CRS (Certified Military Relocation Specialist)
RENE (Real Estte Negotitions Expert)

"With self-discipline most anything is possible." --- Theodore Roosevelt 

 

 

 

  

Comments(42)

Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Pamela Seley - Having an Estate Planning Attorney in your corner is the best advice ever! In the example you gave, it was the best case scenario!

Apr 05, 2016 12:11 PM
Anthony Vosilla
Tony's Appraisal Services - Centereach, NY

As an appraiser I have fielded many calls about appraisal reports for estates.  Many of these folks are rather lost in the process and need a push in the right direction.  In my world I tell them to have their lawyer order the appraisal as it avoids the ""family issues"" that arise.  The report is done for the client Joe Smith, Esq for the estate of Jim Jones. 

Apr 05, 2016 12:46 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Anthony Vosilla - thanks for adding some valuable information that others could benefit from as well!

Apr 05, 2016 12:48 PM
Kimo Jarrett
Cyber Properties - Huntington Beach, CA
Pro Lifestyle Solutions

Real estate and all valuable assets should be in a Trust with a full authority executor.  Selecting a real estate professional and experienced Trust attorney to prepare a Trust plan is essential, prudent and wise and could reduce expenses dramatically to the decedent's estate and avoids all the possible challenges of mitigation and litigation.

Apr 05, 2016 05:25 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

An executor should definitely be carefully selected. It's not an easy job and the person needs to be able to handle it well.

 

Apr 05, 2016 09:13 PM
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

My brother was executor of my father's will. I love my brother but at the time of my father's passing he had no idea how much was involved. He even asked if he could turn the position over to me. Now mind you there are 1500 miles between me and them. No way. He was not asked, just nominated. I had to tell him also to have the attorney  explain the difference between executor and power of attorney. 

Apr 05, 2016 10:50 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What many do not realize is that litigation is a very real part of living in the United States. It settles disputes, puts fear into peoples lives and teaches hard lessons. Having an attorney to counsel with as one goes through life is prudent

Apr 06, 2016 12:20 AM
Patricia Feager, MBA, CRS, GRI,MRP

Richie Alan Naggar - learning the hard way is extremely painful and costly! Litigation is a way of life and that's scary because a lot of it can be avoided. 


A people pleaser is not a good idea or a characteristic that would make a good executor. The challenges are many and it could take years, plus answering to the IRS can't be fun for anyone who manages the estate and assets for the deceased.


Unfortunately, nepotism exists in many families and mistakes are costly; hence the never ending drama between siblings, step mother/father, etc.  

Apr 06, 2016 11:01 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Here in Florida it is very common that properties are being sold by Executors.

This is a valuable post that can help them in their role. It is not an easy role to fill and helping them understand the process is so important.

Thanks for sharing.

Apr 06, 2016 12:29 AM
Patricia Feager, MBA, CRS, GRI,MRP

John Wiley - I would imagine the majority of properties being sold in FL by Executors are by people who live in other places of the country! I had relatives who retired in FL and was astonished by the number of storage units and facilities occupied by Floridians. I'm sure that's big business over there and many issues that goes on with unclaimed property too. 

Apr 06, 2016 11:05 PM
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

The role of Executor can be unpleasant and a major burden. Dealing with uncooperative heirs is just one issue.

Apr 06, 2016 12:34 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

That's important information regarding executor responsibility.  I acted as executor of my mother's estate years ago.  I can tell you, the task isn't always easy.

Apr 06, 2016 09:49 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kimo Jarrett - you have added valuable advice to my post. Thank you! I can't think of any executor who wants to be personally liable for any breach of fiduciary duty or care. We all pay creditors our own way, but when the duty of responsibility has been appointed by the Courts of Law to an Executor, there's added responsibility and risk! It isn't a glamorous or well paying job either.  

Apr 06, 2016 10:39 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kat Palmiotti and Myrl Jeffcoat - I remember talking to my Aunt shortly after my mother passed away. By then, I was an adult. She told me she was so glad my parents didn't die when I was a kid because she didn't want to be responsible for the house, all the kids, pets, flats (parent's rentals), vehicle, etc., and she certainly didn't want to dig through my parents drawers to find their records either! She told me she begged my mother to take her name off the Will but my mother never did and she worried about it until the last kid was grown up. However, she never knew if my mother changed the Will and she worried about it until the day my parents were both deceased.  

Apr 06, 2016 10:45 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Theresa Akin - Long distance Executors rarely get to oversee all the things that needs to be done. I listed a home once and the executor was out of state. Communicating over the phone in different time zones wasn't easy. Even though there was a blood relative in good communication with me, I made sure to copy and document everything, including taking pictures of everything in the house and outside the property, sending it to the executor. He told me thank you because he didn't even think about it but appreciated it very much. 

As a sibling myself, I can only imagine how stressful your experience was with your brother. Leaving an estate to an adult who isn't prepared, experienced, or knows what to do is as dangerous as leaving an infant alone at home with a couple of toddlers running around wild and free. Unfortunately, I think many people don't know who to appoint and even though they have good intentions, there's always something or someone who needs legal advice or the experience of authority who is able to share the right information and provide guidelines.

Apr 06, 2016 10:54 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Eric Kodner - Oh I'm 99.9% sure you're right! There has to be a lot of shenanigans by troubled and jealous siblings and other family or extended family members too. I would hate to see the statistics of trespassing on property after the executor is appointed. And the worst part is, many Executors can't be trusted either! 

Apr 06, 2016 11:12 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Patricia, Worse yet … not leaving a Will and not choosing a responsible party to administer the estate.  I’m dealing with a situation now that has 4 siblings fighting and they cannot get anything done without the judge’s help.  It is so sad and yet it happens. 

Apr 07, 2016 12:18 AM
Suzanne Strickler
Realty Mark Associates - Havertown, PA
School is never out for the Successful.

Patricia ~ Thanks for the information. My parents have told me I'm slated to be Executrix of their wills, but I had NO idea what that entailed. I shall be contacting a lawyer in their state who specializes in this sort of thing when the time comes.

Apr 07, 2016 02:18 AM
LUXURYSOCALREALTY COMPASS La Jolla
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

Hi Patricia my newest listing has POA my fiduciary is an entire family. Very happy to help.

Apr 09, 2016 05:35 AM
Eileen Burns 954.483.3912
Trans State Commercial Realty Inc. - Fort Lauderdale, FL
FLorida Real Estate Connector

Patricia Feager sage advice.  I became Certified Probate Real Estate Specialist in Florida to navigate these dicey waters.  Many heirs pressure the Personal Representative and/or Executor needlessly as they do not understand the process.  they only want the money!

Apr 11, 2016 12:53 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

My wife was the executor of a will.  What she earned was not worth the crap she had to go through.

Apr 12, 2016 12:28 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Yikes Gene Riemenschneider the word Executor is not what most people imagined. Your poor wife! She must have been so glad to have it over! There really should be a better way, for example, when a person dies, all their debt goes away and let the family decide among themselves who does what without making everything so complicated. But as we know, disfunctional families is the 80% or more of the 80/20 principle. 

Apr 12, 2016 02:02 PM
Gene Riemenschneider

Well I could claim it was a brilliant pun!  :)

Apr 13, 2016 03:52 AM