Legal Question in Wills and Trusts in New Jersey

Re: powers of executrix of a will

Ho boy. no, she is not free to do as she pleases, she MUST act in a reasonable fashion. However, this situation could really cause unneeded expense, leaving you 4 others to pursue her. That would be a costly and nasty legal fight.

I suggest that you retain an Estates attorney to try to get her to see reason. if she will not respond appropriately, you may need to take speedy legal action.

If you would like, give me a call to set up an appointment; I am in northern New Jersey. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: powers of executrix of a will

You pose many good questions which, unfortnately, are difficult to answer in this format because your answers to questions I would ask you would give me the facts I would need to answer yours. In short, you and your siblings almost have to meet with a Probate attorney in person and with the cost shared it has to be worth it to know your righs which in turn may save you each thousands of dollars down the road.

The general answer to your question is that much depends upon the wording of the Will. The general rule is that bequests should be made in kind (100 shares of stock, equal split between 4 children = 25 shares each) NOT the money realized from the sale for as you point out there are times when it is wise not to liquidate certain estate assets.

In some cases, however, a Will gives the Executor what apppears to be unlimited power to act as he/she pleases and apparently this is the case with your sister. But as noted in the other response, an Executor must act reasonably and is specificially bound by a law known as the Prudent Investor Act. Type those words in quotes into Google and then search within those results for "New Jersey" and I'm certain you'll find many fine articles to educate yourself.

But time can be a most important factor and if certain actions aren't taken within a specific period of time you may be prevented from pursuing or asserting some of your rights. Make and go to see the Probate attorney ASAP as in the next week or two at most.

One last piece of advice. Unless the attorney you see is by referral of someone who knows that atorney, a good test question to ask if "When did the last major revision of the NJ Probate Code go into effect. Hint: it was passed on August 31, 2004 and was to go into effect 180 days later. If he/she doesn't know it was on or about March 1, 2005, keep looking. Good luck.