Legal Question in Wills and Trusts in Texas
Executor Responsibilities
My husband and I have been told we are to be executors of my parent's estate after they're gone. We have heard rumours that even with a detailed will of a not very large estate, that we will be responsible for as much as up to a 70% estate tax of all assets, rather they have been removed by others, or if we distribute them. Someone, possibly an attorney, told my mother if they didn't have over $100,000 in assets, the estate wouldn't even have to go to probate, and there would be no estate taxes. Which is true?
1 Answer from Attorneys
Re: Executor Responsibilities
If you are named as executor (hopefully independent
executor) of your parents estate you will be
responsible for the "closing up" of their financial
affairs after their death. All wills are required to
be delivered to the clerk of the county (or probate)
court upon the death of an individual. There is
no limit in amount of money ($100,000.00) which
determines the probate of a will. Generally the
will is probated in order to pass title to property
of the deceased person.
For federal estate tax purposes (death tax) an individual
has an "exemption equivalent" of $675,000 in the
year 2000. This means that either one of your
parents can pass away with an estate of $675,000
and not pay a federal death tax. There is considerable
planning whcih can be done if your parents estate
is over $1,350,000.00. If so you would need to
contact a competent attorney to help your parents
plan for their deaths.
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