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?


Asked on 9/06/06, 10:53 am

1 Answer from Attorneys

Stephen Loeb Law Office of Stephen R. Loeb

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.

Should you like to discuss this or any other legal matter, you can e-mail me for more information about low cost face-to-face, on-line, or a telephone consultation with a lawyer in our office.

Read more
Answered on 9/06/06, 11:09 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New York