Legal Question in Wills and Trusts in New York
Co-executor withdraws funds without consent
Hello,
My husband and his brother are co-executors of their father's estate. We live out of state and my brother in law cleaned out the house and prepared it for sale. The house has sold and my brother in law has submitted a bill for $8900 dollars ($25 per hour) and says he has already taken half. This was not discussed with my husband in advance. Can my brother in law legally do this? We did plan to give him something for his time but this is a large amount and we don't think he should have taken any without talking to my husband first.
Please let us know what to do.
Thank you
2 Answers from Attorneys
Re: Co-executor withdraws funds without consent
Pursuant to the statute, executors are allowed reasonable expense reimbursement as well as a commission based on the monies collected on behalf of the Estate and distributed to creditors and/or beneficiaries.
When multiple fiduciaries are appointed and depending on the circumstances, we sometimes create the Estate account to require both signatures in order to prevent this type of issue.
You may request an Accounting from him. Please feel free to contact us at anytime to further discuss your options.
Re: Co-executor withdraws funds without consent
He would be entitled to 2.5% of the money brought into the estate from the sale of the house, and then 2.5% of that money disbursed to your husband.
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