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.
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.
People with a felony conviction; out-of-state residents without a Texas agent or attorney; corporations that are not authorized to serve as fiduciaries in Texas; persons found unsuitable to serve by the court.
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 ...
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 ...
In worst-case scenarios, unpaid child support can even make it impossible for the custodial parent to provide a safe home and a healthy diet. That is why the state of Texas makes it possible to sue for unpaid child support. If you are a custodial parent who has not been receiving the support due, you are not alone.
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.
Except in very limited situations where will terms cannot be followed, such as where an asset was disposed of by the decedent prior to death and, therefore, cannot be distributed at death, an executor cannot override the intent of the will to change the distribution scheme or remove a beneficiary.