Legal Question in Wills and Trusts in New York
changing the estate executor to the alternate
We are settling my fathers estate which includes significant property. There are 4 siblings. Only one of us lives in the vacinity of where my father's property is located(NY). All four children are equal parties to the estate. The other three live a considerable distance out of state. The sister who lives near my father was named exector in the will. I am named the alternate. My other two sisters and I are concerned that our sister who is executor is in way over her head and is floundering with trying to deal with the property etc. My feeling is that we should get a professional executor to take care of this. But she is very difficult to talk too and is becoming more irrational. She is an extreme procrastinator and very disorganized with absolutely no business sense at all, probably the worst traits for being an executor. What direction should we go with this?
3 Answers from Attorneys
Re: changing the estate executor to the alternate
I presume the property is not a residence, but may be income-producing and the heirs do not want to sell it, but may want to keep it as an investment. If this is so, the heirs can form an entity, like a LLC, to keep the property and operate it. Rather than change executors, which is a temporary situation until the estate is completed, form the LLC and retain a professional property manager to assist you. My siblings and I inherited several of these type of properties and have continued to operate them, successfully, including several in NY, with the aid of a professional. The cost might be less than what the executor would charge (commissions) to retain a professional manager; fees are usually a small percentage of the income. If you need assistance in this regard, I could recommend several professionals who are familiar with NY properties. This is a response to an Internet question and the reply is not intended to be legal advice or to create an attorney-client relationship.
Re: changing the estate executor to the alternate
Your sister, the Executrix, should consult an experienced Probate & Estate attorney to assist her in expediting the prbate and possible distribution of the estate.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.
Re: changing the estate executor to the alternate
It might be worthwhile to schedule an appointment with an estate and probate attorney where you live to obtain some advice on options that you could utilize that would help assure that your sister handles your father's affairs efficiently and expediently.
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