Legal Question in Wills and Trusts in California
Executor responsibilities
I am one of many benef. named in a trust for all real and personal property in the trust. The executor would like to keep the home named in the trust and is willing to pay a distribution in cash to me. I obtained an appraisal, and we established an amount. For 5 months now the executor has been unable to secure a loan that is suitable and affordable. The amount we agreed upon was based on an appraisal that is now out of date, and the executor is asking that I pay for proportionate broker fees, even though the house is not being sold and no realtor/broker is involved. There is nothing in the trust that states a specific date to distribute, nor is there a date b/w myself and the executor in our agreement. Can I still send a request to establish a date to ''pay or void'' the agreement? In which case I would pursue a more recent appraisal and establish a new amount and agreement. How is the value of the home determined for distribution purposes like this? Am I responsible for any costs associated with the executor obtaining a loan or real estate fees when no services are rendered? Lastly, what can I expect as evidence that my distribution is completed, and that I am no longer legally or financial responsible for the home.
1 Answer from Attorneys
Re: Executor responsibilities
additional facts and copies of all documents are necessary to answer your questions correctly and completely. for example, although you mention a trust, your questions concern an executor. thus, it is not clear whether or not probate has been initiated.
if there is no pending probate, you can petition for probate of the will or trust and use that forum to contest any actions of the executor/trustee and obtain interpretation by the court of the will/trust.
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