A will, in and of itself does not dispose of your property. It only states your wishes. To actually disperse your property the courts must appoint an “executor”. An executor will have access to the deceased’s financial accounts and assets, pay debts, taxes, and disburse the deceased’s property. Historically executors were required to post a bond and obtain the court’s approval for the sale of the deceased’s property, payment of debts and disbursal of assets to the will’s beneficiaries. This is called a “dependent administration” and is an expensive and time-consuming process. Texas law allows a person to designate an “Independent Executor” in the will to serve without bond. An Independent Executor can sell property to settle claims against the estate and distribute property to the will’s beneficiaries with minimal supervision by the court. This is called an “independent administration,” which is considerably less costly and substantially quicker than the ‘dependent administration’. The secret is that the person who has the will drafted must use the “magic words” “Independent Executor’ when naming the executor. For this reason, the single most important section of a will is that clause designating the Independent Executor.
Think carefully about who you choose to be your Independent Executor. They will have broad authority over all of your assets with little or no supervision. Honesty and trustworthiness are the most important characteristics of the person you name as your Independent Executor.
For a well drafted will that accurately reflects your intentions, make an appointment to consult with the Law Office of Elliott Klein, PLLC.