Legal Question in Wills and Trusts in New York
Compulsory Accounting
My brother and mother took out a joint loan on my mom's house 13 or so years ago which my brother paid back and has cancelled checks for. The debt was paid off in 1995 or so. Without anything in writing, can my brother (the executor) of the estate, claim this as a creditor and take back the money from the estate? I am considering a compulsory accounting as negotiations have gone nowhere basically, and morally I feel my brother misled my mom by telling her way back that he was taking care of her, but, now, he is taking back that money after she has passed with no written agreement. Am I right here? Would a compulsory accounting help me?
2 Answers from Attorneys
Re: Compulsory Accounting
Q. Can my brother (the executor) of the estate, claim this as a creditor and take back the money from the estate?
A. On the one hand if it is claimed that your brother lent the money to your mom (nothing in writing), the answer would be no because on a oral loan the statute of limitations is 6 years. However, if it is claimed that your brother had a partnership interest with the mother vis a vis the house, the statutory period would commence at the time of your mother's death.
Q. Would a compulsory accounting help me?
A. If you believe that the executor is hiding assets, yes.
Re: Compulsory Accounting
As you may know, compelling a judicial accounting will result in the Surrogate Court reviewing all of the transactions of the Executor for the Estate. This can be an expensive and time-consuming process, so you should consult with an attorney to be sure that your situation merits such a drastic review of the estate. Email your contact information to my office for a brief consultation by phone.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
