Legal Question in Wills and Trusts in New Jersey
My siblings and I cannot come to an agreement in settling parent's estate. The house has been sold and closing is imminent. The other siblings agree to put the funds in escrow and settle later. I do not agree with this. Can I be sued separately, not as part of the estate, if the closing does not happen, by other parties, such as the buyer and the real estate agents?
2 Answers from Attorneys
It's really impossible to say without more facts. However, if there is a valid contract and you are found to be in breach of the agreement, you could certainly run the risk of being sued by multiple parties [e.g. the buyers, the brokers, and/or your siblings] .
Unless you object to the actual terms of the sales contract [and if so, why didn't you object earlier]...holding the closing proceeds in escrow is almost always the best way to proceed. You preserve the status quo, you eliminate the expenses of owning the real estate which can be substantial, and you move closer to resolving the estate administration.
Your siblings are being reasonable and you are not! Selling the property and putting the money in escrow assures that you get a good sale price. If the property is not sold and is simply held, then expenses are going to be incurred and the property can deteriorate. If you don't want to put the money in escrow, you should definitely hire your own tax and probate attorney to help you with this.
I am sorry for your loss!