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    laynerd's Avatar
    laynerd Posts: 22, Reputation: 1
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    #1

    Jan 1, 2010, 05:16 PM
    Distribution by Executor of Estate Assets to Heirs
    Reference: State of Virginia

    My spouse's Mother died over two years ago or November 2007. Only part (some cash and some household items) of the estate's assets have been distributed to me and the other heirs. Property, including land, houses and farm equipment that appraised for over $1.4 has not been distributed. Retained estate money/cash is being squandered by the executor. One brother (an heir) continues to farm the estate's land and use the estate's farm equipment (tractors, trucks, etc.) free. Another older brother, the executor, pays taxes, electric bills, grass mowing fees, legal fees, probate filing fees and numerous other expenses using the estate's money. The will requires the estate to be divided equally four ways among the 4 heirs (all children). The required inventory and accounting documents are being filed with the county clerk's office.

    Questions:

    1) Is there a timeframe as to when an executor must distribute all assets and settle the estate.

    2) What maximum fee may an executor charge for his services in the State of Virginia.

    3) What recourse do I have as an heir for damages due to the executor's failure to settle the estate in a reasonable time? Each year the estate remains unsettled costs me about $20K because of estate cash being squandered and my inability to invest the money from sale of the numerous properties.

    4) In answering the 3 questions, please provide the section and paragraph under the Code of virginia that address the subjects.

    Thank you.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jan 1, 2010, 05:42 PM

    If this is your spouse's mother were you specifically named in the will?

    This site as a lot of good info for you.:
    Virginia Probate and estate administration - VirginiaEstateLaw.com

    But it doesn't appear there is a time frame that must be followed. On the other hand, the executor is required to file annual reports with the first report due 16 months from probate.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jan 1, 2010, 05:47 PM

    First are you as scott said a heir or is it your wife ?

    On a larger estate you or you and other heirs need to hire an attorney to represent your rights.

    The estate is suppose to pay for up keep of the estate till it is settled.
    laynerd's Avatar
    laynerd Posts: 22, Reputation: 1
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    #4

    Jan 1, 2010, 06:44 PM
    Quote Originally Posted by Fr_Chuck View Post
    First are you as scott said a heir or is it your wife ?

    On a larger estate you or you and other heirs need to hire an attorney to represent your rights.

    The estate is suppose to pay for up keep of the estate till it is settled.

    It is my spouse who is one of the 4 heirs.

    I realize he estate is supposed to be maintained, but how long can this go on after 2 years. Is there no law that controls how long an executor can drag his feet in settling the estate. There are only 2 choices to disposition the prpoerty. One is to sell it; the only other is to divide it equally.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Jan 1, 2010, 06:59 PM

    The problem is that it may not be easy to divide the estate 4 ways without selling the assets. And it might be that the other siblings want to keep the farm in the family as a working form. So they may be trying to build up some income to buy out the other siblings.

    So the first thing you do is get the accounting and see if the estate is being processed reasonably.

    If you need to, hire an attorney to represent your husband's rights.
    laynerd's Avatar
    laynerd Posts: 22, Reputation: 1
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    #6

    Jan 1, 2010, 08:17 PM
    Quote Originally Posted by ScottGem View Post
    The problem is that it may not be easy to divide the estate 4 ways without selling the assets. And it might be that the other siblings want to keep the farm in the family as a working form. So they may be trying to build up some income to buy out the other siblings.

    So the first thing you do is get the accounting and see if the estate is being processed reasonably.

    If you need to, hire an attorney to represent your husband's rights.
    I have the acccounting documents and alreeady know how the estate's assets are being depleted/squandered. The will makes no reference to how other heirs may want to settle the property; it simply states that it must be divided equally. This can be done as simply as cutting a pie into 4 equal pieces. It is the duty of the executor to comply with the will, employ experts to appraise the property and divide it or sell it and then divide the cash from the sale. There is no grey area when it comes to complying with the deceased wishes in accordance with the legal document. If division presents a problem, then it must be sold. There is no provision in the will that allows one heir the right to stall compliance with the will and save his money in order to buy out the other heirs. In fact, put simply, there is no provision in the will for any heir to purchase said property. Purchase by any heir is possible only if the other heirs agree to sale at an agreed upon price. So, to repeat what I have said, there is a choice of division or sale and divide the revenue from the sale.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Jan 1, 2010, 08:23 PM

    So hire an attorney to force distribution
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