Legal Question in Wills and Trusts in New York

Hello~ I have been appointed executive of my late Mothers estate. I have but one sibling, and basically everything in my Mothers estate has been divided equally between myself & my estranged sister. Since my Mother's passing, we do not speak at all. All communication is done through the estates attorney. My question is this: Since my Mother appoiunted me executive, she owns a condo that is need of essential repairs. The toilets leak, and the AC is malfunctioning. I was interested in purchasing this condo for myself if my sister and I can agree on a price. Can I have these and other essential repairs completed at the present, whether I decide to purchase it or not and charge the repairs to the estates account? Thank you~


Asked on 6/01/12, 3:42 am

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Yes. It is an estate asset that you must take care of.

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Answered on 6/01/12, 6:20 am
Walter LeVine Walter D. LeVine, Esq.

Generally, I agree with David, but there is a possible issue of conflict of interest here, if you become the purchaser of the property. Unless you can agree with your sister on a value you can both live with, since the estate is paying for the repairs, the question is whether or not you have improperly benfitted from the repairs for which your sister is paying half, if the estate pays for them. If the condo is sold to an unrelated third party, it seems proper that all needed repairs be paid for by the estate, as an independent buyer would insist on them, or negotiate a better price if the buyer had to make the repairs himself. You have a fiduciary duty to accurately and properly account to all beneficiaries and cannot gain an advatage just because you are the Executor and a beneficiary.

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Answered on 6/01/12, 12:32 pm


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