An executor of an estate has many responsibilities. Not only must they administer the estate of the deceased person, but they also must meet important fiduciary duties. These duties can include, among others, providing an accounting of the assets and debts of the estate in addition to reporting to the court. When an executor fails to meet their duties, beneficiaries can end up in court demanding accountings, or in extreme cases, asking for the removal of the executor.
Texas residents might be interested to learn about the removal of an executor that was requested in Georgia. The trustee of a testamentary trust that was a beneficiary of the deceased's will requested that the court remove the executor of the estate and demanded a full accounting of the estate.
The suit claimed that the executor, a certified public accountant, had failed to meet his fiduciary duties in the administration of the multimillion-dollar estate, including failure to provide an accounting as required by law. In this case, there have been multiple civil suits filed against the former executor, who now faces charges including theft by taking and false swearing.
What Texas residents can learn from this case is that it is very important that an executor of an estate can be trusted and will have the decedent's best interests at heart. Those who are in the process of creating a will may find it helpful to seek the guidance of an experienced attorney as they choose who to name as executor of their estate.
Source: Newnan Times-Herald, "Royal case delayed to Feb. 13," Alex McRae, Jan. 25, 2012