Legal Question in Wills and Trusts in New York
timeframes to complete executrix duties
I am getting my aunts house ready for sale to distribute proceeds to benefactors. There is a lot of work to be done incl. inventory contents, repairs, cleaning, and going through everything. I was granted executrix status on 8/23/04. I have notidfied the benefactors that I am working on this as much as I can to prepare the house for sale by 3/05. One benefactor believes I am not performing my duties re this matter in a timely manner. What is the timeframe and what can this benefactor bring any legal action against me?
1 Answer from Attorneys
Re: timeframes to complete executrix duties
There is no specific time frame as long as you are acting reasonably. Since the house may be in disorder and require repairs, you should not be forced to take any action that might result in obtaining a lower price than could be obtained if an orderly sale were conducted. You have a fidcuiary duty to the beneficiaries to try to take all reasonable actions to maximize the sales price, even if this may result in delays. The beneficiary raising this question could bring a legal action, but it would probably be dismissed if you were taking proper care and acting reasonably under the circumstances. If there are other assets that might be distributed before the house is sold, you might consider making an interim distribution to silence him/her, while you complete what is to be done with the house and arrange for its sale. If expenses are contemplated for the house, be sure you retain sufficient funds to carry the house and cover what needs to be done, if you consider an interim distribution.