Legal Question in Wills and Trusts in New York

Closing Estate

I am an executor to an estate which is scheduled to close in a few months. The estate lawyer stated that if the house was not sold after the two year period it would have to be transferred into the names of the heirs and the estate closed. At this point it seems apparent that there will not be enough money in the estate account to pay all fees and expenses. The house has been with a realtor but we�re not getting any offers at or near appraisal, due to the condition as well as the flooded market, etc. How can an estate be closed if there is not enough money to settle the debts? And is it possible to get permission to extend the estate period? My chief concern is owning a house with a large family that does not get along.


Asked on 10/08/04, 9:45 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Closing Estate

I do not think that court permission is required for an extension of time, but if this is strict requirement (your estate attorney should know this), a simple application to the court should cover it. Alternatively, if the beneficiaries can afford to do it, is have them advance the shortfall and register the Deed in all names. This will close the estate and represent their joint ownership of the house. Funds will be needed to cover on-going expenses, such as taxes and insurance. Then try to sell the house as fast as possible, to pay all remaining bills and complete the estate distribution.

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Answered on 10/08/04, 11:51 am


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