I along with my 4 siblings inherited my parents New York house. There is a will stating everything be divided equally - 1/4 each. My Brother is the executor. My dad had my brothers name on one of the bank accounts and since my dads passing my brother felt the need to do $15,000,00 in un - needed - not urgent repairs to the home. It has been 3 years and finally (because my brother has lagged) things are about to be settled with the house. My questions are 1- Did my brother have the right to spend $$ in the joint account the way he wanted without discussing with siblings before doing the repairs? 2- If I do not sign the deed to the house do i have to be paid out my portion ( I cannot afford to contirbute to a house across the country), but do not want to lose my inheritance . 3- My brother (executor) will probably be the only one to sign the deed does he get full ownership and we get nothing if we do not sign deed? 4- Does he get some kind of discount on the property since he is the executor? 5- What is the N.Y law on the amount he must be paid as the executor? 6- How much does probate run? Thank you
House in Probate - 4 inherited
Posted 22 October 2010 - 03:51 AM
If your brother was a joint owner on a bank account or named as pay/transfer on death beneficiary, the money is his to do with as he pleases.
You haven't bothered in your post to mention whether the probate is ongoing, by the way (you haven't really inherited the house itself until all's said and done; inheritance is subject to estate debt).
Not clear why you'd allow this to drag on for three years.
"Did my brother have the right to spend $$ in the joint account the way he wanted without discussing with siblings before doing the repairs?"
"If I do not sign the deed to the house do i have to be paid out my portion ...."
Sorry, but I'm not clear on what you mean here with signing of a deed (you'd typically only sign one if you're transferring an ownership interest to someone else).
"My brother (executor) will probably be the only one to sign the deed ...."
Again with the "sign the deed" and you don't say what you mean here.
No, your brother doesn't get full ownership of the house and you get nothing (at least not unless you and the other two siblings are dumb enough to sign over your ownership interest to your brother); not clear why you'd think that.
"Does he get some kind of discount on the property since he is the executor?"
Sorry, but I don't know what you mean by "get some kind of discount on the property".
"What is the N.Y law on the amount he must be paid as the executor?"
There's no "must be", but I have no idea what the executor compensation scheme is in NY. In most states, there's no specific amount or percentage -- it's a matter of what is "reasonable" given complexity of estate.
"How much does probate run?"
Way too broad a question, I'm afraid. In any event, even if you were specific, that would be a state-by-state issue. If you keep on top of the inventories and accountings filed with the probate court, and you have a problem signing off on whatever accounting because it just doesn't seem right, I'm afraid you other siblings would want to contact estate-probate counsel to look into it (either that or someone would have to spend a good bit of time on research).
I'll echo PG's advisory "warning" with a twist: (Many) legal issues are complicated. Explanations and comments here might not fully identify or explain the ramifications of your particular problem. I do not give legal advice as such (and such is impermissible here at any rate). Comments are based on personal knowledge and experience and legal info gleaned over a quarter century, and every state has differing laws on and avenues to address most topics. If you need legal advice, you need to consult (and pay) a professional so that you may have someone to hold accountable. Acting on personal and informational advice from a stranger on the internet is a bad idea -- at least not without your own thorough due dilience/research and confirmation as it applies to your situation.
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