Legal Question in Wills and Trusts in New Jersey
When do the duties of an executer of an estate end?
I am an executer of an estate that has been setted 10 years ago. A house was left to 4 people at this time the house is to be put up for sale . I am one of the owners and want to know if I am just that ie a quarter owner or do my duties as executer extend to this transaction. Any advice on the execution of this sale would be appreciated.
2 Answers from Attorneys
Re: When do the duties of an executer of an estate end?
As executor of the estate you should have executed a deed(in the capacity of executor) passing the title of the property to the 4 beneficiaries(of which you are one). The estate ends when an accounting is drafted and approved by all beneficiaries; also, at that time, a release and refunding bond should have been executed and filed with the county clerk.
Re: When do the duties of an executer of an estate end?
Normally, you as Executor would've signed a Deed as part of finalizing the Estate, naming the 4 of you as co-owners. Assuming this is what happened, you are now merely a 25% owner who must reach an agreement with the other owners as to what to do with the property or take the matter to court for a decision.
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