Distribution by Executor of Estate Assets to Heirs
Asked Jan 1, 2010, 04:16 PM
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.
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.