How much does executor have to account for legally?

[jarad32]

What is the name of your state? Texas

I am a beneficiary on the will of my stepfather who passed away December, 2003. The will is clear that 75% of his estate goes to his 4 children, and 25% of his estate to his three step children (me and my two sisters). His oldest son is the executor of the estate.

My two siblings and I just received our portion; the 25% split between the three of us. Attached to the check was a note saying how much each beneficiary received (children $74,513 each and step children $33,117 each. It said that the grand total of estate was $417,486.

For checks and balances purposes and for curiosity’s sake, I decided to get a copy of the inventory, appraisement and list of claims from the county clerk which is public record. It lists the total property at $676,153. This $258,667 is a considerable difference. I understand that debts and liabilities needed to be paid but I am suspicious of my step brother. Is it legal for me to get an accounting of where the $258,667 went? I am wondering how much my step brother paid himself to be executor. The will states that

"every fiduciary shall be reimbursed for the reasonable costs and expenses incurred in connection with such fiduciary's duties. Every fiduciary shall be entitled to fair and reasonable compensation for services rendered by such fiduciary in an amount not exceeding the customary and prevailing charges for services of a similar character at this time and at the place such services are performed."

How do I proceed and should I even bother going there? My two siblings and I are in in California, the executor is in Texas. Do we have rights to know where all of the money went? Is there any legal code about this?

 

[Dandy Don]

If this estate is still being probated or just closed recently, he will have to provide an accounting for the probate file. You should have asked for a copy of the accounting from the probate file or should have ordered a copy of every page in the probate file so you could get a complete understanding of everything that occurred.

With executor fees and federal and state taxes being a considerable expense, your share has turned out to be quite reasonable, but it never hurts to double check the accounting to make sure it's accurate or not. And also try to find out whether this executor was required to post an executors bond for this estate or was exempted from doing so.

DANDY DON IN OKLAHOMA ([email protected])

 

[jarad32]

If this estate is still being probated or just closed recently, he will have to provide an accounting for the probate file. You should have asked for a copy of the accounting from the probate file or should have ordered a copy of every page in the probate file so you could get a complete understanding of everything that occurred.

With executor fees and federal and state taxes being a considerable expense, your share has turned out to be quite reasonable, but it never hurts to double check the accounting to make sure it's accurate or not. And also try to find out whether this executor was required to post an executors bond for this estate or was exempted from doing so.

DANDY DON IN OKLAHOMA ([email protected])

Thanks Dandy Don. I didn't even know the probate file had more information other than a copy of the will and the inventory list and appraisement. I'm calling that county to get the accounting. The will states that the executor is not required to post a bond. I am real interested in that accounting now.

Jarad