Legal Question in Wills and Trusts in Texas
Will
My son passed away in Oct of 2000 in Texas and had a last will and testament, naming his domestic partner as the executor and me as the beneficiary. The will was probated in Feb of 2001 and I waited the 6 months required but because my son had several different investment accounts of which the market had declined the executor said he wanted to wait longer thinking the market would rebound. Unfortunately it has only gone down even more. Does he have the right to say when to cash out the investments and is he liable for the loss? Thank you.
2 Answers from Attorneys
Re: Will
The executor is not liable for the loss, nor is he required to cash out the accounts. Those could be transferred directly to you and you could determine whether to cash out or hold the investments. There may be tax consequences so you should speak with a good tax accountant or CPA.
The executor is entitled to reimbursement for incurred expenses, so if those accounts are the only source for that, he can cash out enough for his reimbursement.
Re: Will
Yes he is the one who makes those decisions. He is a fiduciary, required to make decisions regarding the estate as the decedent would have made if he were still alive. Just because the decision turned out to be a bad one, based upon the fact that the USA was attacked, doesn't mean that he didn't fulfill his fiduciary duty to the estate.
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