Estate Mismanagement Legal Recourse

Summary

The user, a beneficiary of his deceased fathers estate, suspects that the executrix (his sister) is selling the estates property for less than its worth. He was advised on his rights as a beneficiary in New York, including the option to petition the Surrogates Court if he believes the executor is mismanaging the estate. He was also informed about the executors fiduciary duty to act in the best interest of the estate. The user was advised to consider getting an independent appraisal of the property, consulting with a real estate professional, and requesting an accounting of the estates assets and transactions.

Full Conversation

estate issues
What specific estate issue are you facing, ****? Is it related to wills, trusts, probate, or something else?
The executrix is selling my Dads house for MUCH less than it is worth when compared to recent sales in her immediate area. Do I have any recourse ?
What state is the property located in? This will help me provide you with the most accurate information.
ny
What is your relationship to the executrix and the deceased?

In NY, beneficiaries can petition the court if they believe the executor is not acting in the estate's best interest.
My sister is executrix, my father deceased.
What evidence do you have to support your claim that the house is being sold for less than its worth?

In NY, beneficiaries can:
- Petition the Surrogate's Court if they believe the executor is mismanaging the estate.
- Contact Surrogate's Court, NY: (*) *-*.
Houses in the same area are being sold for at least twice as much.
Have you discussed this with your sister, the executrix? In NY, executors have a fiduciary duty to act in the best interest of the estate. If you believe she's not, you can petition the Surrogate's Court.
She won't listen to me.
Have you considered seeking legal counsel to help you address this issue with your sister and potentially the court?
That's what I'm doing here... looking for advice
What steps have you taken so far to address this issue? In NY, you can:
- Petition the Surrogate's Court if you believe the executor is mismanaging the estate.
- Contact Surrogate's Court, NY: (*) *-*.
Other than letting her know that I plan to contest the sale, thisis my first step
Have you obtained a professional appraisal for the property? This could provide concrete evidence of the property's value.
She said she got an appraisal for a * bedroom, but it's only a * bedroom house. Doesn't make sense.
Have you considered getting an independent appraisal for the property? This could provide concrete evidence of the property's value.
I'm sure she wouldn't let me. Definitely would not let me pay for it from the estate.
Have you considered paying for an independent appraisal out of your own pocket? This could provide concrete evidence of the property's value.
Possibly ....depending on how much it is
What is the estimated value of the property based on the recent sales in the area?
Roughly 200K...nice big corner lot.
Have you consulted with a real estate agent or professional to get an estimate of the property's value? In NY, you can use this information to support your claim in the Surrogate's Court.
I have not
Consulting with a real estate professional could provide an unbiased estimate of the property's value. Would you consider this option?
They will charge me ?
Yes, real estate agents typically charge a fee for their services. However, some may offer a free initial consultation or property valuation.
ok .... She has been living in the house since he passed *.5 years ago, should she be paying rent ?
Is the house part of the estate and has the estate been settled yet? In NY, if the estate is not settled, the executor may charge rent to those living in estate property.
estate is settled, she is the executrix
If the estate is settled and she's living in the house, she should be paying rent. This is part of her fiduciary duty as an executrix.
interesting .... can i request/demand an accounting of where the estates money has gone to since his death ? as well as what has been put in to the estate from sales of property ?
Yes, as a beneficiary, you have the right to request an accounting of the estate's assets and transactions. In NY, executors are required to provide this information.
Awesome thanks for the assist... I'm in NY
You're welcome, ****. If you need further assistance, don't hesitate to contact Surrogate's Court, NY: (*) *-*. They can guide you through the process of contesting the executor's actions.
THANK YOU !!!!!! I owe you a beer !!