Suing An Estate Executor Without Bond In Bexar
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Section 304.003 - Persons Disqualified To Serve As Executor Or Administrator (a) Except as provided by Subsection (b), a person is not qualified to serve as an executor or administrator if the person is: (1) incapacitated; (2) a felon convicted under the laws of the United States or of any state of the United States ...
(a) The independent administration of an estate is considered closed 30 days after the date of the filing of a closing report or notice of closing estate unless an interested person files an objection with the court within that time.
Executor's Role and Timeline for Asset Distribution. In Texas, an executor is given up to three years from their court appointment to distribute assets, excluding those allocated to creditors.
How can an executor be removed? executor not meeting required qualifications; out-of-state executor not having a Texas resident agent; inability to find the executor; embezzlement or misuse of estate funds; gross misconduct or mismanagement of the executor's duties; failure to file required documents;
Standard Executor Compensation This is referred to as the five-and-five rule. However, there are limitations to this commission. It cannot exceed five percent of the gross fair market value of the estate being administered, and it is not applicable in certain situations.
Texas law allows executors to sell property without the beneficiaries' approval, which can be necessary to keep the estate solvent. However, this authority comes with the responsibility of ensuring that the sale is conducted in the best interest of the estate.
An estate beneficiary has a right to sue the executor or administrator if they are not competently doing their job or are engaged in fiduciary misconduct.
The executor must ensure that the assets are distributed to the beneficiaries ing to the testator's wishes and in compliance with applicable laws. Any deviation from the testator's intentions, with the intent to cheat beneficiaries, would be a breach of the executor's fiduciary duty.
