Legal Question in Wills and Trusts in New York
Lawyer wants to hold money
The estate of my father is about to close in a few days. The profits from the sale of the house will be evenly split amoung four siblings. Our lawyer says he will hold $2800.00 of our money in escrow for three months in case any claims against the estate arise. Is this common practice or should I be concerned?
1 Answer from Attorneys
Re: Lawyer wants to hold money
It is a good idea to hold some money in escrow for a limited period, but the amount and time is dependent on the types of claims that can reasonably expected, all claims should be made within 7 months after the date of death. If you are concerned with the amount or length of time ,it would not be a bad idea to discuss your reservations with the attorney.
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