In Texas, an executor or administrator, like a trustee has to account for the property that comes into his possession. The accounting obligations of a trustee are discussed here. This article will discuss the accounting obligations of an executor or an administrator in a probate matter.
What is an accounting? An accounting is a written statement detailing the financial condition of the estate. It includes:
- The property belonging to the estate which has come into his hands.
- The disposition that has been made of such property.
- The debts that have been paid.
- The debts and expenses, if any, still owing by the estate.
- The property of the estate, if any, still remaining in his hands. And,
- Such other facts as may be necessary to a full and definite understanding of the exact condition of the estate.
In all cases, when the fiduciary does not file an accounting, an interested party can demand an accounting. The Texas Estates Code 404.001 says that an accounting can be demanded fifteen months after the executor has been appointed. If the executor or administrator does not file an accounting with 60 days after the demand, the Texas Probate Code provides that an interested party can file suit against the fiduciary to compel the accounting.
Fiduciary responsibility in Texas - If you are dealing with an executor, administrator or trustee and you are not receiving regular updates about the financial condition of the property under his control, you probably need to contact an attorney about your rights before the estate is squandered away.