Legal Question in Wills and Trusts in California
Liquidation of estate assets
is it possible for the estate administrator to liquidate all stocks,share holdings,etc held by my deceased mother prior to the final distribution of funds? the property itself has already sold for upwards of $400,000.00 of which there was a reverse mortgage due.the strange thing is that there is no record of the sale at the county assessors office and now the property is back on the market for upwards of $500,000.00. does something seem very fishy here? i would like to know where or how i can make sure that i will get what i have coming to me. also am i allowed to stop the liquidation of the holdings? as a beneficiary i am entitled to ask that all documentation regarding any and all transactions of the estate be brought forthwith right? i am pro per in this matter, would that have any bearing on my ability to question anything? i have already run into problems with my foster family coaxing me into some bad decisions regarding this matter. i would appreciate any advice that you can offer me. thank you
2 Answers from Attorneys
Re: Liquidation of estate assets
Unless the beneficiaries come to some other arrangement, the adminstrator is suppose to liquidate the assets to make it easier to distribute them to the beneficiaries. For example, if their are five beneficiaries, it is better to sell a house and distribute the sale proceeds five ways rather than giving each beneficiary a 20% interst in a house.
The administrator does have to explain him or herself, but usually not in detail until the petition for final distrubtion. But you should be monitoring the situation and if it is taking too long (more than 12 months), you might want to consider being more aggressive. See an attorney and he or she can review the file and explain your options in more detail.
Re: Liquidation of estate assets
The transactions won't all be revealed until the final account, but you should also be receiving notices of the confirmation hearing for sale of the real estate, or if the administrator has powers under the "Independent Administration of Estates Act," you should get a "Notice of Proposed Action" outlining the sale price and terms, and a date by which you have to object to the sale. If the estate is taking too long to close, or not much is being done, see an attorney about your options to push for its closure.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
