Does the executor need to keep me informed?

[misfits0214]

In January 2007 my Uncle died and several of us cousins where named in his will to receive a specified amount. I was notified of this when the will when into probate in March 2007. Since that time I have not heard one single thing from the executor. I hear rumors that the business he owned must be sold, ( how do I know if it's even for sale? ) or that someone has a lawsuit against the estate, but I have no idea where it stands. Some relatives have said that I should never expect to receive anything - ever. Is this possible? What responsibility does the executor have to keep my informed? ( if any )

 

[dee_dub]

Where is this taking place?

 

[misfits0214]

Williamsville, NY
Thank you

 

[dee_dub]

The executor has to keep accounts of the estate, and if you ask to see them, the executor has to show them to you. Have you asked?

Sounds like this is going to get messy. I'd look into whether the will has passed probate. Have any of your fellow beneficiaries seen a nickel from the estate yet? Why do they say you should expect to receive nothing? Why would there be a lawsuit against your uncle's estate?

Whether or not the executor is selling his own business is, strictly speaking, irrelevant to his duties as executor. Do you suspect he is having financial troubles and taking money from the estate?

 

[misfits0214]

I don't really know why my relatives say to never expect this to be settled. Don't they have to settle the estate? Is there a time frame? Nobody that I know of has received anything to date. The business that has to be sold was my Unlce's, so it is part of the estate, but I'm told bequests cannot be settled until this business is sold. I will call the executor tomorrow and as for a full accounting. Thanks

 

[dee_dub]

Gotcha. I was a bit confused - I thought the executor was selling his own business.

It might be true that the estate can't be settled until the business is sold. If the executor distributes some of the bequests early, and doesn't have enough funds later on to pay some creditors or distribute other bequests, he might be personally liable. Still, it's cause for concern that it is taking this long to settle things. You can tell if it's up for sale simply by asking the executor.