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estate. distribution of funds from sale of property


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#1 fedupwiththebull

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Posted 08 January 2013 - 05:21 PM

i am an heir to money from the sale of my grandfathers property..this money is to be split between about 26 of us according to the court.the lawyer who has been handling this case has refused to answer questions as when it will be or what is going on now that the money has been recieved by him.we get a different excuse every time an inquiry is made about this or he will now answer our calls. the land was sold in march of 2012 and was closed in august. we have heard from him that it will be two weeks then 30 days then he doesnt know then it will be middle of next month,,lies and more lies .is there a limit on the time he has and how can we find out about where the funds are and if they are still accurate accounting of them. this is in va...there is a large amount involved here approx 400,000.00 dollars. plus the proceeds from rental income for the property for the past three years,not sure how much excactly,,around 56k per year.

#2 Tax_Counsel

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Posted 08 January 2013 - 05:55 PM

There is no fixed time in the law for making the distribution. Who is the executor of the estate? It is ultimately the executor of the estate, not the estate attorney, who decides these matters. Have you spoken with the executor? If you have, what has the executor said about it? Note that before making distribution of a significant portion of the estate, the executor needs to ensure that all the estate debts, including all tax obligations have been or will be able to be met by the estate. Failure to do that may make the executor personally liable to creditors harmed by any improper distribution. Often the executor will seek clearances from the tax agencies before making such distributions for that reason. Do you know if all that has been done?

Ultimately, if you believe that the estate is ready for distribution and the executor is unduly delaying in the distribution, your remedy is to go to the court handling the probate and file an action to compel the executor to make the distribution. I suggest you and some of the other affected beneficiaries see a Virginia probate attorney about that.

#3 knort4

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Posted 09 January 2013 - 07:09 AM

What month and year did your grandfather die? Is this property mentioned in his will or is the property in a trust?

#4 Guest_FindLaw_Amir_*

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Posted 10 January 2013 - 12:06 PM

As the previous poster stated, this is an issue you may want to consult with a local Virginia Probate and Estate Administration Lawyer to address.




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