Legal Question in Wills and Trusts in New Jersey
Estates
My mother's will left my two siblings as co-executors of her estate. The estate was to be divided equally amongst us three. They retained counsel to represent them. I reside in Florida and did not retain counsel. I received notification by mail that my mother's estate (home) was about to close ( the next day). The estate sold for $150,000 to a neighbor. It was worth at least 250,000 - 300,000 according to market values. I was never given an opportunity to purchase my parents home. Any effort to contact siblings went unanswered. I contacted attorney immed. upon receipt of letter and was told it was under contract and there was nothing I could do to purchase it at that time. The property closed 30days ago. I contacted attorney for breakdown for distribution and got run around. I received a call from sister today indicating we left closing table at 129,000 with medical and expenses paid. They have 24,000 worth of bills to submit for items such as funeral expenses (which were disclosed to be paid in will), property taxes they claim to have paid from 1995 and 1998 (mom died in 2004). $9000 in co-executor fees (even though they had counsel).$1000 to a neighbor that is supposedly on back of copy of will. Can they do this???
2 Answers from Attorneys
Re: Estates
If you have an objection to how the Executors handled the estate, you have to file an action with the Probate Court requeting a formal accounting. You should contact a local lawyer who handles Probate matters. It may take a large retainer to get this started. Part of that should be reimbursed by the Estate. If the house has closed, you cannot reverse that, but you can get monetary damsges if appropriate.
Re: Estates
It sounds like you have been left out of the loop, and may possibly have some claims. I cannot tell without seeing a copy of the Will. You should have received a copy of the Will, and you are entitled to a copy, from which you can verify some of the information told to you. I do not know how you obtained the possible market value for the house, but if comparable sales of houses of similar type and quality in that neighborhood is vastly different from the selling price here, you may have a claim against the executors. The executors and the attorney owe you an obligation as fiduciaries to handle the estate properly and their representative is obligated to provide you with all information and a full and complete accounting of the estate. You also have the right to see a copy of the closing statement, which will specify in detail all financial aspects of the house sale, including any expenses paid and/or credits issued. You are entitled to see all bills that are being charged against the estate (like the taxes, funeral, etc.). Executors are entitled to a fee in NJ, even if they use an attorney, but it is unusual where family is involved. The fee is regulated by statute. If the neighbor is not mentioned in the Will, they might not be entitled to anything from the estate, unless the claim is as a creditor of the estate. Bottom line: all your questions must be answered, you can seek a formal judicial accounting from the Court by making a complaint. You will need a local attorney. I should caution you that contesting the administration can get expensive, but if you are successful, the fees will be reimbursed by the estate, and you may be able to surcharge the executors for any improper activity. Anticipate fees ranging from several thousand dollars up.
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