Question

1. In Texas, what duties do fiduciaries owe?

2. A decedent’s estate usually consists of the following:

3. What is the purpose of Probate and court involvement?

Answer 1

1) In Texas, fiduciaries have a duty to always protect and uphold the interest of the firm and its shareholders. This include protecting trade secrets, not leaking confidential information and do not indulge in activities which promote self interest above the interest of the firm.
2) A decedent's estate usually consist of the properties of that person such as real estate, any other immovable or movable assets that has been under that person's control at the time of that peron's demise.
3) The probate court is inolved to ensure that debts owed by a deceased individual are paid in full to the creditors and also the assets are legally transferred to the beneficiaries as per correct process and regulations.