Legal Question in Wills and Trusts in New York
Question about executrix
My great aunt M passed away about 2 years ago and my cousin E was named executrix of the estate. Aunt M left a fairly big estate of which I am one of the heirs. M's assets include stocks, a savings account, plus her apartment in Manhattan.
E has been responsible in her duties as far as paying Aunt M's taxes and the maintenance on her apt. but she has NOT been as responsible in getting the apt. sold in a timely manner nor has she sold off any of the stocks as of yet.
What rights if any, do I and the other heirs have as far as
telling E our opinions on what to do with the stocks and what to do in terms of selling the apartment? My other relatives are not pleased that E is taking money out of M's account to pay the maintenance yet not doing all that she can to get the apartment sold. I should also mention that while E is of course, an heir to M's estate, she is fairly well off herself and therefore, does not seem to have as much
current use for this extra money as I and my other relatives have.
I thank you in advance for any advice you can give.
3 Answers from Attorneys
Re: Question about executrix
There are several factors here. First, what is the language in the will. Second, what benefits, if any, are there by not liquidating the estate. Third, what do the heirs want to do?
Assuming that the will generally directs the distribution of the estate and the heirs want the assets distributed, and assuming no other legal issue, there should be no reason why the executrix is delaying.
You may petition the Surrogate's Court to remove the executrix if she is delaying or if she is irresponsible in her fiduciary duties.
If you need help with this feel free to telephone.
Mike.
Re: Question about executrix
If an executor's inaction has caused unreasonable delay and/or reduced the value of the estate, you can go to court to have her removed. It's also possible for you to sue the executor for the reduction in value due to her inactivity. You may contact my office for a brief complimentary consultation.
Re: Question about executrix
I have read the responses from the other authors and agree with the information they provided, adding several thoughts. (1) If losses have been incurred by the inaction and delay, there may be a pssobility of recovering same from the Executrix. (2) The liquidation may be delayed by Federal and/or NY death tax returns, which depend upon the size of the estate at date of death. This could take months or longer from the time filed until approved. (3) There is no reason why, even if there are tax delays, a preliminary distribution of assets (in kind or liquidated) could not be made. (4) The current real estate market could compound the ability to sell the apartment. If you need more information, contact me directly.
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