Suing An Estate Executor For Misrepresentation In Middlesex
Description
Form popularity
FAQ
I mentioned that you can legally close an estate without an accounting to beneficiaries. New Jersey probate law allows beneficiaries, however, the right to demand an accounting regarding the affairs and transactions of the estate.
Proving Executor Misconduct Pull the bank statements, transaction records, and communication logs. Let the evidence speak for itself. Beneficiaries or others involved in the probate process can provide detailed accounts of the executor's actions.
If there are no claims against the estate within nine months of the death of the deceased, the executor can distribute the assets to beneficiaries and issue a declaration of discharge. So, nine months is essentially the minimum timeline for settling estates valued at over $20,000 in New Jersey.
With respect to the corpus commission, generally, the executor is entitled to a commission on all corpus — all assets held by the estate — as follows: 5% on the first $200,000 of all corpus received by the executor; 3.5% on the excess over $200,000 up to $1 million, and 2% on the excess over $1 million.
Beneficiaries Can Sue the Executor Personally for Fraud In that case, the people who suffered a loss due to the fraud can initiate a lawsuit against the executor for fraud or any other causes of action. The court can remove an executor as the personal representative of the estate for committing fraud.
A: The general time limit for contesting a Will is a few months, usually four after the beneficiaries of the estate have been notified that probate will soon commence.
If you can prove to the court that the current executor is incompetent or is mishandling the affairs of the estate, the court will relieve that executor and choose a replacement. If the will names an alternate executor, that will likely be the court's choice.
Beneficiaries Can Sue the Executor Personally for Fraud In that case, the people who suffered a loss due to the fraud can initiate a lawsuit against the executor for fraud or any other causes of action. The court can remove an executor as the personal representative of the estate for committing fraud.
Executor misconduct can be classed as a crime in some situations. If it's believed that fraud has taken place, this is a crime and the person responsible could be prosecuted.
