Legal Question in Wills and Trusts in New York
My father passed away and I became adminstrator of his estate. I sold his house and split the money between myself and 7 siblings. The first interested buyer of the house put a $15,000 deposit down on the house but when it came time to sell, decided not to buy it. This buyer did not come back with in the limited time to collect their deposit. My lawyer kept it in escrow. The buyer decided to sue me. To settle out of court, I agreed to give them back 1/2 of their money and keep the other half. By law, do I have to share the $7,500 with my siblings?
Asked on 1/03/10, 8:28 am
2 Answers from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Yes. The contract was with the estate and not with you personally.
Mike.
Answered on 1/08/10, 8:39 am
Rudolf Karvay
Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.
The money belong to the estate and must be divided among the distributees.
Answered on 1/08/10, 8:51 am
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