Business & Investment

My brother-in-law is the executor of my late father’s $ 9 million property and refuses to give us full accounting. What can we do?

Dear Quentin,

My father died last year. My sister has a power of attorney system and is now an executor of my father’s will. My sister’s husband took on the role of managing the property of my parents. It’s worth $ 9 million. Last year, real estate earned about $ 300,000, which is a very low amount.

My sister and brother-in-law told me and my sister that our parents didn’t want him to share information about their property. Instead, he sent me a spreadsheet as a courtesy — and he said even this wasn’t a requirement.

My sister and I don’t think he’s dishonest, but we don’t think he’s eligible to handle so much money. He has no legal right to do so anyway. Is he there? We hate participating in court battles, but we want to manage our portfolio properly.

Heir, apparently

Dear heirs,

This gives off a foul odor. Your sister and brother-in-law may manage real estate that belongs to all of your father’s children (if your mother is not alive) or your mother (if she is still with us). Obviously it’s up to us. They have no legal right to hide a person. In fact, they have a fiduciary duty to act in the best interests of the beneficiary, and you can petition the probate court to enforce accounting.

“The executor must report all the assets collected. All taxes, debts and expenses paid from the real estate fund. All income collected; and all distributions have been made, Or will be done, “said Neil V. Carbone, a trust and real estate partner. Farrell Fritz PC.. “The beneficiary has the right to verify the executor’s account and request written support for all transactions.”

“”Opportunistic siblings consider parental incompetence or death to be a seizure of land.

“If something seems wrong with the executor’s accounting (for example, a particular asset was not included in the executor’s account, the asset was sold at market price, the cost is inappropriate” (It seems), the beneficiary has the right to challenge the executor and charge an additional fee (including reducing or refusing compensation for doing so), “he added.

The same applies to the adult guardianship system for older sisters. “Agents are always responsible for the principal,” says Carbone. “If the person lacks the ability, the agent will explain to someone else with legal authority (for example, a” monitor “appointed under the authority of a court-appointed guardian or lawyer). In other words, she must explain your mother and her property.

Opportunistic siblings consider parental incompetence or death to be a seizure of land. It is estimated that the best weapon of their weapon is speed and their brothers will not be familiar with the law enough to act on their suspicions. It may be time to hire a lawyer and file a petition with the Probate Court to replace the brother-in-law as the executor and the sister as the power of attorney.

You You can email The Moneyist with financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com and follow QuentinFottrell. twitter.

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Other works by Quentin Fottler:

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•• “He is the least computer-savvy person I know.”: I was my husband’s research analyst, caregiver, cook, and housekeeper. Now he wants a divorce 38 years later.
•• “Our friends have always longed for a relationship like us.”: My husband, 16 years old, left me to another man. I don’t want them to live in our property. what can I do?



My brother-in-law is the executor of my late father’s $ 9 million property and refuses to give us full accounting. What can we do?

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-785C-9263B31673FE%7D&siteid=rss&rss=1 My brother-in-law is the executor of my late father’s $ 9 million property and refuses to give us full accounting. What can we do?

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