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Texas Distribution Deed - Joint Independent Executors to an Individual...

Corpus Christi Texas Distribution Deed - Joint Independent Executors to an Individual Beneficiary

Name: Corpus Christi Texas Distribution Deed - Joint Independent Executors to an Individual Beneficiary
Brand: US Legal Forms
Rating: 4.66 (343 reviews)

Category:

Texas Probate - Estates - Deeds

State:

Texas

City:

Corpus Christi

Control #:

TX-025-78

Format:

Instant download

Description

This form is a Distribution Deed whereby Joint Independent Executors transfer real property from the estate of the decedent to the Grantee. This deed complies with all state statutory laws.

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FAQ

An executor must be impartial. Neither he/she, nor his/her family, friends, may benefit unfairly (for example from the sale of an asset). He/She must carry out the instructions in the will, as well as reasonable instructions of the heirs. Quarrels with heirs should not interfere with his or her duties.

The executor may also be a beneficiary of the Will, though he or she must treat all beneficiaries fairly and in accordance with the provisions of the Will. The duties of an independent executor are those of a trustee. He holds property interests, not his own, for the benefit of others.

Under the Texas Estates Code, the standard compensation is a five (5%) percent commission on (1) all amounts that the executor or administrator receives; or (2) pays out in cash in the administration of the estate (the Texas two-step on executor compensation).

Therefore, an executor of a will can be a beneficiary, and in reality, the main beneficiary of the estate is often one of the executors. As a result, it is both perfectly legal and commonplace to name the same person as an executor and a beneficiary in a will.

An executor who sells property to himself is self-dealing The court held that the Texas Estates Code did not allow the executor to sell the property to himself unless it was authorized by the will.

When someone is named as the executor of a will they become responsible for performing a series of duties in order to complete the probate process. If you have more than one executor, then these co-executors must perform all these duties together.

Can I serve as independent executor without an attorney representing me? Probably not. Most courts will not allow a person to act in a fiduciary capacity without an attorney.

Under the laws of Texas, some of the primary duties of an executor include: Locating the beneficiaries named in the will. Giving notice to creditors of decedent's death, paying all valid debts. Identifying, protecting and managing the decedent's assets.

There are certain kinds of information executors are generally required to provide to beneficiaries, including an inventory and appraisal of estate assets and an estate accounting, which should include such information as: An inventory of estate assets and their value at the time of the decedent's death.

Co-executors are legally required to work together It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. Co-executors will need to work together to deal with the estate of the person who has died.

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Complete, ready-to-be-signed legal documents. Emailed to you in about an hour.She is a coauthor of the Texas Patter Jury Charges in Probate. Independent Executor lacked the authority to sell the property. In Texas, we have a simple probate process that provides for independent administration of decedents' estates. The person that oversees the property in the box is the trustee. The duties of an independent executor are those of a trustee. Author, The Perfect Estate Plan: But Did you Plan for the Disabled Beneficiary? Corpus Christi Estate. That commonly arise in a Texas guardianship practice.

Corpus Christi Texas Distribution Deed - Joint Independent Executors to an Individual Beneficiary

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How to fill out Corpus Christi Texas Distribution Deed - Joint Independent Executors To An Individual Beneficiary?

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FAQ

What an executor Cannot do?

Can the executor of a will be a beneficiary in Texas?

Does the executor of a will get paid in Texas?

Can you be a beneficiary if you are an executor?

Can an executor sell property to himself in Texas?

Do co-executors have to act together Texas?

Can independent co executors act alone in Texas?

What power does an executor of a will have in Texas?

What does an executor have to disclose to beneficiaries in Texas?

Can two executors act independently?

Interesting Questions

What is a Corpus Christi Distribution Deed?

What does 'Joint Independent Executors' mean?

Who is considered the 'Individual Beneficiary54174'?

What is the role of the Joint Independent Executors in the distribution process?

Are the Joint Independent Executors required to act together?

Can the Joint Independent Executors make decisions independently?

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