After a family member or loved one passes away, you may learn you have been appointed as the executor of their will. As an executor, you have many responsibilities.
Your overall job as an executor is to administer your loved one’s estate. This means identifying and valuing all assets, tracking down and paying all debts, filing a final tax return on their behalf and distributing the assets according to the terms of their will.
These tasks involve deadlines, paperwork and filing documents with a court. If a dispute arises, such as someone contesting the will, you must handle that, as well.
If this sounds like a lot of work, that’s because it is. Serving as an executor of a will requires a significant investment of time and brain power.
You might not feel ready to take on these responsibilities. Or an unexpected event could occur that leaves you unable to continue to fulfill your duties as executor.
Being named as an executor does not mean that you must serve
You can decline to serve by signing a “renunciation of nominated executor” form and filing it with the court in which your loved one resided.
A comprehensive Texas estate plan typically involves a will appointing an executor and backup executor. Once you file your renunciation form, the backup executor can take over. If there is no backup executor named, one of the heirs can petition to serve.
When you are already serving as an executor and wish to resign, you cannot resign without the court’s permission. You must file a petition for permission to resign as executor.
You must show good cause for resignation. For example, good cause could be having a child or accepting a new job, if you can demonstrate that the event leaves you with no time to continue to serve as executor.
The court’s role in the resignation process
After filing your petition to resign and presenting your good cause for resignation, a court will evaluate the situation and determine if your resignation is in the best interest of the estate. There is no guarantee that your petition will be accepted, so you should be prepared to continue as executor if required.
Whether a court grants your petition to resign depends on various factors unique to your circumstances. If there is no heir or other suitable option available to serve as executor or if there are only a few minor tasks left to do before closing out the estate, a court could decline a petition to resign.
Even if a court allows you to resign, you must provide an accounting to all beneficiaries regarding all financial transactions you made as executor. The beneficiaries may allow this requirement to be waived by unanimous consent in writing.
Without this consent, providing the accounting is necessary. This can lengthen the resignation process. In the end, you may decide it is easier to remain as executor and finish your remaining duties.
If serving as an executor sounds daunting or is something you know you do not want to do, it is best to resign at the beginning. Once you are in the role, there is no guarantee that you will be able to get out.