Legal Question in Wills and Trusts in New Jersey
Executor Spent The Money
My wife was named in a friends estate. She received an initial payment. The remainder was tied up legally for some time. When it was finally freed up, the executor kept putting us off, and then 2 days ago finally admitted that he had an alcohol problem and spent the money on rehab. What type of recourse do my wife have and how should she proceed?
2 Answers from Attorneys
Re: Executor Spent The Money
You need to contact the Surrogate's Court where the Will was probated, and bring an action against the Executor, in dual capacities: as Executor and individually, for an accounting and restitution. From what you describe, the probability of collecting anything is remote, unless the Executor has any personal assets from which you can recover. If you are lucky, and most Wills waive this requirement, the Executor was bonded (the Surrogate can so inform you) and the bonding company will make good. You need to evaluate the possibility that a suit will cost more than your potential recovery, but once you have a judgment it will attach to any assets of the Executor, if there are any, and you may eventually get something.
Re: Executor Spent The Money
You'll need to start legal proceedings to get the money back if the Executor is unable/unwilling to pay you back... have you tried asking him to enter into a payment plan?? I could draft one. Or he will face the consequences.
Before starting any action, I would do an asset check to make sure the executor owned something of value....
Contact me for details.
Mike
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