Is it possible to have someone removed as a co-executor of my fathers estate?: There are 4 children to receive the division of my father's estate. He passed 18 months ago. My sister and eldest brother are co-execs of his estate. My sister has failed to provide info, documents, records, financial records regarding the estate. The estate consists primarily of real estate. The appraisals my sister received were from co-workers (she is a real estate agent) and appear to be slanted to her best interest. There is concern that funds are missing; however, we have no records. Several property division proposals have been made, the only acceptable ones to her are the ones that she has made, which essentially cuts the three remaining beneficiaries out. We have consulted my father's attorney, who is also her personal attorney. What re our options in this case?
Steven's answer: Both of the attorneys offer excellent advice and do so on a consistent basis here at Avvo. You would be well served to talk with either of them. As for removal for cause, please see my article entitled Pennsylvania Probate: Removal of Personal Representative Under PA Estates and Fiduciary Code at the following link: http://www.sjfpc.com/Probate_Removal_Executor_Trustee_PA_Probate_law.html Even though this relates to PA law most states have similar rules. Hope this helps. Please remember to designate a best answer to your question. Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website for more tax, estate and business articles is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/>
Trust litigation; Surcharging a trustee: When a trustee is surcharged and he doesn't have any money can a judgement or surcharge be put against an inheritance he may get. In other words, if a relative dies and cash is to be distributed to the trustee at some point can the surcharge/judgement attach to the cash the trustee receives at a later date? If so, how can that be done?
Steven's answer: Yes, once you have a judgment against this person, you can later execute on this judgment when assets become available. The process needs to be handled by a litigation attorney. Do not even think about doing this on your own as each state has specific procedures for this situation. Hope this helps. Please remember to designate a best answer to your question. Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website for more tax, estate and business articles is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/>
I am a 74 year old widow living in NC. Could I benefit from putting assets in an irrevocable trust?: My total estate is worth $1.2M. I have two heirs that I want to share in my estate equally upon my death.
Steven's answer: Ms David offers sound advice. Do not do this without an estates attorney's assistance. In addition to the points made by Ms. David, the estate and gift tax implications need to be planned for at both the federal and state level. For more on the estate planning process, please read my legal guide entitled Estate Planning Mistakes: 5 Not So Easy Pieces at http://www.sjfpc.com/estate_planning_drafting_wills_trusts.html. After you read this you may gain an understanding of what is involved in this process. Hope this helps. Please remember to designate a best answer to your question. Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website for more tax, estate and business articles is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/>