Special Executor Powers refer to the specific authorities granted to an executor of an estate that extend beyond the standard duties typically associated with estate administration. These powers are often delineated in the deceased person’s Will or may be established by court order, especially in complex estate situations.
Typically, the executor is responsible for managing the estate’s assets, settling debts, and distributing property to beneficiaries in accordance with the terms of the Will or applicable state law. However, special executor powers may include additional rights such as:
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Asset liquidation: The ability to sell or liquidate certain assets, like real estate or investments, to pay debts or taxes before distributing assets to beneficiaries.
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Dispute resolution: Authority to resolve disputes among beneficiaries or between the estate and third parties, potentially avoiding prolonged litigation.
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Management of business interests: If the deceased owned a business, the executor might have the power to operate or make decisions regarding the business during the estate settlement process.
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Tax matters: Powers to handle tax returns, tax disputes, and other related financial matters that might affect the estate.
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Court petitions: The ability to petition the court for specific approvals or instructions, such as approval for certain distributions or actions that deviate from standard procedures due to unique circumstances.
In Houston and the surrounding areas of Texas, these powers must be exercised in compliance with Texas probate laws, which may specify additional requirements or limitations for executors. Executors are required to act in the best interest of the estate and its beneficiaries, adhering to fiduciary responsibilities while utilizing any special powers granted to them.
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