Legal Question in Wills and Trusts in New Jersey
Money held up by executor
How long can an executor hold up the inheritance of the rest of the beneficiaries?He has held up insurance money since May2001 and the money from the sale of a home since Feb 82002.His reason his he believes in error that my wife (his sister owes money to the estate)the other sister kwows he is wrong and that the money was paid back because she handled all finances for the parents prior to their deaths.She was paid $100.00 a month in cash so there is no cancelled checks ,that is the way the mother wanted it because she had no bank accounts and wanted to have spending money.Total inheritance is under $200,000.Even if he wishes to contest the money owed does he have to distribute the rest of the money not in contention.
1 Answer from Attorneys
Re: Money held up by executor
The executor has a reasonable time to withhold distribution of estate proceeds to the beneficiaries; I think you may want to consider a court order to establish the "rules of this game"
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