This is another area that I have seen many mistakes made in the finance world. Many people create wills then forget them. The wills appoint a family member or friend. The appointee is trust worthy to carry out the will; however, they may not actually know what duties are expected of them by the State of Texas. An executor needs to collect the assets, pay the debts, then distribute. Executors often forget to pay the debts, then find themselves in court or worse the beneficiary is in court. Also, the executor is also grieving which can cause delays in distribution. Another problem I have seen is retirement accounts sitting for years without any distribution. The deceased thought that the money would help the beneficiary, instead the money is never distributed because of different factors such as grief or lack of knowledge. The solution is to have annual reviews with inventories of what is owned. The difference I can offer is to help guide the beneficiaries to make sure that they receive what the owner wanted them to receive.

last will testament