Length of Time for Estate?

[Lucy_G]

My Aunt passed in July of 2001 in PA. To this day, her estate still remains open. Are there any financial penalties incurred for keeping an estate open? Any time limits to how long an estate can be open? Is there anyone in the court system who actually monitors this? It has been difficult getting updates and responses from the Attorney or the Executor (who is a distant cousin, who is now in poor health and not too clear on her duties). My brother and I are the beneficiaries of this estate in the form of a trust of what remains (after all other distributions). We understand that what is in the trust, we won't see for years, but we are concerned because it is losing value and nobody seems to care or be accountable for it. According to my Aunt's will, it is not even supposed to be kept at this bank at all. She specifically names another bank in her will. My brother and I were never even provided statements of this account. I had to ask and just got my first statment in Feb. 2004, only to learn the account is actually losing value. The broker explained I have no other rights than to look at the statement. Can anyone be held responsible for these losses? I also was told by the bank I basically have no authority in what happens, only the Executor can move the money to where it is supposed to be. I have asked the Executor (and Attorney) now twice over the last four months to write a letter to release the funds to the bank trust department named in my Aunt's will. Neither are cooperating. Also, do we have the right to see the total history of this account since my Aunt's passing? We just aren't sure how much has been lost?

Thanks for any advice.

 

[lwpat]

Broker is Churning Account

What is probably happening is that the broker is "churning" the account and unfortunately it is perfectly legal. This means that he is making trades on a frequent basis just to generate fees for himself. This is a very common practice when they get their hands on this type of account.

If sounds that you have good grounds for requesting that the executor be replaced. Estates can remain open for years while they are being drained of value and getting help from the courts can be time consuming and expensive.

My recommendation would be for you and your brother to have a probate attorney draw up a petiton from the current executor to the probate court relieving her of her duties and nominating one of you in her place. Since she is in poor health this would be a prudent move on your part.

I wouldn't let the attorney or broker get wind of what you are planning or they will try to keep their gravy train. Prohibit in writing your attorney from contacting them. Once you have the paperwork ready then you and your brother need to pay a personal social visit to your cousin and see if you can persuade her to sign.