Legal Question in Wills and Trusts in New York
Probate and estate law
How long does an executor have to finalize/close an estate? i.e. sell real estate and distribute assets to beneficiaries? My mother has been gone for 18 months and her house is simply deteriorating and decreasing in value - my sister is the executor and she is sitting on it and doing nothing.
2 Answers from Attorneys
Re: Probate and estate law
An executor acts as a fiduciary for the estate. As a fiduciary it must act in the best interests of the estate. Therefore, there is no set time limit. Rather, time is calculated on a case by case basis.
Within the past 18 months has your sister retained a broker to sell the house? Has she taken any steps to sell the house - add in paper, sign on window, speaking to possible purchasers? If not, she may be in breach of her fiduciary duty and subject to removal by the Surrogate's Court.
I would suggest a letter to her directing her to dispose of the house and distribute the assets. If that does not work, a lawyers letter. Maybe she has a good reason to not distribute assets or sell the house. Maybe, with her permission, you can take the steps to retain a broker to sell the house.
Mike.
Re: Probate and estate law
If Michael's advice does not work, you have another option. After seven months have elapsed from the date that the executor was appointed, you may file a petition to compel the filing of an accounting. This forces the executor to come to court and either file an accounting or give the court a good reason as to why an accounting should not be filed.