My Grandfather passed away 5 years ago. One of his 4 children is executor. The estate includes a house, cash, and stocks. In the past 5 years, the stock has greatly decreased in value, as has the house, which is falling apart (the son is paying the property taxes). Is the executrix responsible to the other heirs (the 2 other sisters & a brother) to make up the loss in value of the assets due to her lack of action to distribute the estate's assets?
1 Answer from Attorneys
Re: Lazy executrix
Possibly. Legal ownership to real property passes immediately at the time of death in Tennessee and is not subject to probate administration.
Why is the estate open still after 5 years? Are there issues witht he IRS or Department of Revenue?
A place to begin is to review the annual accountings of the executor. If there have not been any acountings you can file a petition with the court to force an accounting and possibly remove the executor.
We will need this information to begin with and review the court pleadings.