Becoming the executor or administrator of a decedent’s estate in Texas is a big responsibility. According to the American Bar Association, you have to handle debts and expenses, manage estate assets and fund bequests to named beneficiaries.
Once these tasks are complete, you have the final responsibility to close out the estate. This means that your obligation is almost at its end. However, there are still a few more steps involved.
As the executor, you must file a final income tax return on behalf of the decedent. There may be a balance due, in which case you should hold something in reserve to pay for it. Since Texas does not levy an income tax, there should be no need to receive a tax clearance from the state. However, you should receive one at the federal level before you can close out the estate.
Forms and receipts
Closing out probate in Texas involves filling out a Notice of Closing Estate form and filing it with the court. Throughout the probate process, you should keep a strict account of everything. During this last step, the court may ask you to produce receipts.
So that the court can check that the people bequeathed property in the will have received the assets, the Notice of Closing Estate should list the names and addresses of all the beneficiaries. Filling out this form provides you some legal protection in case a dispute arises with one of the beneficiaries. The court can officially relieve you of your duties once you submit the form demonstrating the fulfillment of your legal obligations.