How long can executor wait to disburse estate proceeds?
How long can an executor wait to provide an accounting for expenses and disburse the proceeds of an estate to the beneficiaries? In this case, the estate was primarily a house the sale of which closed over 90 days ago, and the executor (who is also a 25% beneficiary) has not provided an accounting to the other beneficiaries (75%) or made any effort to release the proceeds. These proceeds are being held in the executor's attorney's escrow account, according to the executor's attorney. The executor continually cites ''waiting for his accountant to provide an informal accounting'' as the reason, and most recently stated that he might have ''some information'' by the end of March, i.e. 4 months after the closing on the house.
Re: How long can executor wait to disburse estate proceeds?
In NJ, you cannot compel an Executor to file a formal accounting until one year after probate. Time elapsed since the sale of the house does not control. If it is more than one year from probate, you can definitely lean on the attorney and accountant.
Re: How long can executor wait to disburse estate proceeds?
In NJ, you cannot compel an Executor to file a formal accounting until one year after probate. Time elapsed since the sale of the house does not control. If it is more than one year from probate, you can definitely lean on the attorney and accountant.
Re: How long can executor wait to disburse estate proceeds?
In NJ, you cannot compel an Executor to file a formal accounting until one year after probate. Time elapsed since the sale of the house does not control. If it is more than one year from probate, you can definitely lean on the attorney and accountant.
Re: How long can executor wait to disburse estate proceeds?
In NJ, you cannot compel an Executor to file a formal accounting until one year after probate. Time elapsed since the sale of the house does not control. If it is more than one year from probate, you can definitely lean on the attorney and accountant.
Re: How long can executor wait to disburse estate proceeds?
In NJ, you cannot compel an Executor to file a formal accounting until one year after probate. Time elapsed since the sale of the house does not control. If it is more than one year from probate, you can definitely lean on the attorney and accountant.
