First things first. An executor of an estate is a person or entity that the testator (the person who makes a will) appoints to administer their estate after they pass away. The executor takes on a series of responsibilities. They must inventory the assets and debts of...
Executors & Fiduciaries
How to ask your parents whether they have a will
Discussing the existence of a will can be a sensitive topic for many families. In fact, estate planning is often a topic that many people do not want to address because it brings up the idea of death. However, one of the best things any adult can do for their family...
What are a fiduciary’s responsibilities?
There are many types of professionals that are considered to be fiduciaries, including attorneys, real estate agents or brokers, accountants, business advisers, bankers and financial advisers. Then there are others such as trustees and executors that don't necessarily...
Questions to answer before choosing a trustee
Once you decide to create a trust, you'll be faced with a variety of questions that require your attention. For example, you need to choose a trustee. And when doing so, it's imperative to name the right person.Answer these questions as you compare trustees on your...
The role of an executor of a will
It doesn't matter if you're creating a will and naming an executor or someone has asked you to serve in this capacity, it's critical to understand everything the role entails.In general terms, the executor is responsible for managing a person's estate and distributing...
Successor trustee could be liable for previous breach of trust
People in Texas need to plan for where their property will go after they pass away. One very effective way of doing that is to create a trust and transfer their property to the trust. As part of the trust they will need to appoint a trustee. This individual will be...
Potential remedies for trustee’s breach of fiduciary duty
There are many situations where people in Texas rely on other people to do things for them. They have other people fix their cars, provide medical treatment, fix HVAC issues and provide other services for them. They need to trust that the professional hired to do the...
Review of the prudent investor rule
This blog has previously discussed a trustee's duty to the beneficiaries of a trust. Among other things, a trustee must refrain from self-dealing or conflicts of interest, must manage the trust according to the legal requirements and must act in the best interests of...
The fiduciary responsibility of an attorney, in fact
Many Houston residents may have executed a document called a power of attorney as part of their estate planning. This document appoints a person, or group of people, as attorney in fact for a Houston resident's estate.The powers of an attorney in fact are very broad....
Decanting a trust in Texas
Many residents of Houston understand the meaning of "decanting" when the subject is fine wine. Decanting involves pouring a wine that has sufficiently aged into a bottle that allows the wine's sediment to separate from the wine. Decanting also adds oxygen to the aged...