When your loved one was drafting their will, they must have taken the time to reflect deeply on who they could trust to serve as their executor. This is why you may be disappointed when, at the time of your loved one’s unfortunate passing, they may fail to step up to the plate in more ways than one, including withholding their assets. Not only may this affect you directly as a named beneficiary, but you may equally care about bringing justice on your loved one’s behalf. So without further ado, please follow along to find out how you should legally respond if an executor fails to distribute assets and how a proficient Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC, can have your back throughout all this.
What happens if an executor fails to distribute assets to beneficiaries?
First of all, in New York State, an executor has a fiduciary duty to gather assets, pay debts and taxes, and distribute the remaining property according to a testator’s explicit wishes in their will. So when there is a failure to see the job through, there may be serious legal consequences. Just to name a couple, they may be on the hook for any financial losses they may have caused along the way, and the Surrogate’s Court may order their removal from the position.
As a beneficiary, what are my rights if an executor fails to distribute?
First of all, as the named beneficiary in a testator’s will, you have the right to receive your promised inheritance. You are also entitled to a timely and fair administration process. So when an appointed executor is depriving you of these rights, you may file a petition with the New York State Surrogate’s Court to compel action. Before you take this serious legal action, though, you must ensure it is necessary.
That is, you must understand that it may take several months or longer for an executor to handle the first half of their duties. This is especially true if the testator did not leave clear instructions on where assets were located, left behind considerable outstanding debt, or had unresolved, complex tax issues. Under these circumstances, it is okay for an executor to take their time to ensure they are handling everything right.
Still, if this is the case, you have the right to receive updates on where the executor is in the process. Also, you should be able to request financial records and other information at any point. So, if an executor keeps you out of the loop, so to speak, you may petition the Surrogate’s Court for formal estate accounting or any other form of intervention.
Before it is too late to adopt any of these legal strategies, we encourage you to pick up the phone and call a talented estate planning attorney in Putnam County from the Law Office of Andres D. Gil, PLLC. We will be happy to step in at any stage of your legal issue, and we look forward to working with you.
