Greetings from NJ
I am involved in an estate where a caveat has been filed on a will.
There has been a hearing in the probate court where my position as executor has been sustained [for now].
The monies have not been removed from my control with expenditures limited to property taxes, utilities and any necessary common maintenance items.
The party contesting the will already has a 50% interest in the real property since the death of one of the late owners which was received in 2004 by operation of the will of that decedent.
The surviving spouse was a resident of the dwelling for many years [20] and was paying all the expenses of the property up to the time of death in Dec. 2006.
The estate has paid all property expenses since the date of death up to this point.
A bill for the plaintiff's share of the household expenses[almost 5K] was submitted to the plaintiff at the probate court hearing of this past November and should be ruled upon at the next hearing at the end of his month.
Also, as the R.E. market is slow the estate needs those funds to continue the upkeep and it will be demanded that the Plaintiff make monthly payments that reflect their share of the costs of expenses and upkeep of their 50% share. The Plaintiff wants to wait till the sale of the Real Prooerty to have their debts paid to the Estate from the proceeds of the sale. whle not uncommon that does not seem to be fair.
Due to the suit brought by the plaintiff the beneficary had to retain counsel as did I.
The bene's retainer was 10K and I also retained counsel with the bill almost 3K at this point.
What I have discovered is that there is something called then 'American Rule' where each party in a civil matter such as this must bear their own costs.
It has become almostcompletely clear that the will will be upheld. I say almost as one never knows for sure what the Court may do.
I was told by my counsel that the Court will likely order my fees paid by the Plaintiff. [should they lose]
What I am asking is:
What are the chances that the heir can be repaid the legal expenditures made for the defense?
The reason I am making this inquiry is that to date the Plaintiff has not and I do not believe that they will be able to produce any evidence upon which the demanded relief can be granted.
It does not seem fair or equitable to me [not to mention the beneficiary] that the Plaintiff can cause all this expense & delay and suffer no consequences when their action has no foundation, merit or evidence.
Any fresh perspectives on how to state and pursue a claim for this $ is greatly appreciated.
Oh....1 more thing. The bene is a Class C bene and thus liable for a NJ Estate tax rate of 15%
How can they reduce the amount owed?
I thank you all for your time and attention.
P.S.
I have been a lurker on this site almost daily for over a year. I find it VASTLY entertaining as well as educational. You folks never know who may be reading these postings and the benefit you give is very valuable. [when they are willing & able to understand and comprehend it.]
Oh....and the knuckleheads that come through now & then are a grand source of amusement.....like a Jerry Springer show!
I am involved in an estate where a caveat has been filed on a will.
There has been a hearing in the probate court where my position as executor has been sustained [for now].
The monies have not been removed from my control with expenditures limited to property taxes, utilities and any necessary common maintenance items.
The party contesting the will already has a 50% interest in the real property since the death of one of the late owners which was received in 2004 by operation of the will of that decedent.
The surviving spouse was a resident of the dwelling for many years [20] and was paying all the expenses of the property up to the time of death in Dec. 2006.
The estate has paid all property expenses since the date of death up to this point.
A bill for the plaintiff's share of the household expenses[almost 5K] was submitted to the plaintiff at the probate court hearing of this past November and should be ruled upon at the next hearing at the end of his month.
Also, as the R.E. market is slow the estate needs those funds to continue the upkeep and it will be demanded that the Plaintiff make monthly payments that reflect their share of the costs of expenses and upkeep of their 50% share. The Plaintiff wants to wait till the sale of the Real Prooerty to have their debts paid to the Estate from the proceeds of the sale. whle not uncommon that does not seem to be fair.
Due to the suit brought by the plaintiff the beneficary had to retain counsel as did I.
The bene's retainer was 10K and I also retained counsel with the bill almost 3K at this point.
What I have discovered is that there is something called then 'American Rule' where each party in a civil matter such as this must bear their own costs.
It has become almostcompletely clear that the will will be upheld. I say almost as one never knows for sure what the Court may do.
I was told by my counsel that the Court will likely order my fees paid by the Plaintiff. [should they lose]
What I am asking is:
What are the chances that the heir can be repaid the legal expenditures made for the defense?
The reason I am making this inquiry is that to date the Plaintiff has not and I do not believe that they will be able to produce any evidence upon which the demanded relief can be granted.
It does not seem fair or equitable to me [not to mention the beneficiary] that the Plaintiff can cause all this expense & delay and suffer no consequences when their action has no foundation, merit or evidence.
Any fresh perspectives on how to state and pursue a claim for this $ is greatly appreciated.
Oh....1 more thing. The bene is a Class C bene and thus liable for a NJ Estate tax rate of 15%
How can they reduce the amount owed?
I thank you all for your time and attention.
P.S.
I have been a lurker on this site almost daily for over a year. I find it VASTLY entertaining as well as educational. You folks never know who may be reading these postings and the benefit you give is very valuable. [when they are willing & able to understand and comprehend it.]
Oh....and the knuckleheads that come through now & then are a grand source of amusement.....like a Jerry Springer show!