Legal Question in Wills and Trusts in New Jersey
How long can executor wait to disburse estate proceeds?
How long can an executor wait to provide an accounting for expenses and disburse the proceeds of an estate to the beneficiaries? In this case, the estate was primarily a house the sale of which closed over 90 days ago, and the executor (who is also a 25% beneficiary) has not provided an accounting to the other beneficiaries (75%) or made any effort to release the proceeds. These proceeds are being held in the executor's attorney's escrow account, according to the executor's attorney. The executor continually cites ''waiting for his accountant to provide an informal accounting'' as the reason, and most recently stated that he might have ''some information'' by the end of March, i.e. 4 months after the closing on the house.
5 Answers from Attorneys
Re: How long can executor wait to disburse estate proceeds?
The most important fact in answering your question is missing, which how long has it been since the Will was probated. If it is more than 1 year then you need your own attorney to put pressure on the Executor to wrap things up. If the delay continues you can file a court action to comple an accounting and/or replace the Executor.
Re: How long can executor wait to disburse estate proceeds?
Since the estate/executor has an attorney, maybe you should have one too....at least to write a letter demanding more info and setting a strict time line.
This type of thing is relatively inexpensive, and will put your mind at ease that this will all be over with in the very near future. You can write me back with any other specific question at [email protected]
Mike Berman
Re: How long can executor wait to disburse estate proceeds?
First, the Executor can give a partial interim distribution. Second, wait for the accounting! I hope this helps!
Ron Cappuccio
www.SaveYourEstate.com
Re: How long can executor wait to disburse estate proceeds?
First there should be an inventory. Then nn accounting should have occurred some time after the estate has been open for a year.
If you need assistance, contact me.
Re: How long can executor wait to disburse estate proceeds?
In NJ, you cannot compel an Executor to file a formal accounting until one year after probate. Time elapsed since the sale of the house does not control. If it is more than one year from probate, you can definitely lean on the attorney and accountant.
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