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?

Asked on 1/28/00, 1:03 am

Roger Powell Roger T. Powell, Attorney

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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.

Answered on 1/30/00, 3:57 pm

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