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Value of Assets of Estate

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Cat55

Junior Member
What is the name of your state? New Jersey

My sister is the executor of my deceased father's will and his assets are to be divided equally to both of us. I have asked her numerous times for a rough estimate of the value of his estate and have not got a straight answer. She plans on handling probate herself without assistance of a lawyer, even though I suggested she use one. How can I find out the value of my father's estate myself without creating a rift with my sister?
 


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candg918

Member
My condolences for your loss.

From experience, it takes a while to determine the value of assets even if everything is well documented. She may be working on sorting things out and determining the debts due from the estate.

How long since your father died?
 
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Cat55

Junior Member
It's been almost a month now. I know it will take some time to settle debts, etc., but it makes me feel uneasy when she won't give my a rought estimate. My Dad has been living with her for 10 months and have been involved in helping or taking care of his finances.
 
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anteater

Senior Member
How can I find out the value of my father's estate myself without creating a rift with my sister?
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Realistically, you can't. Unless you are the estate's appointed administrator, you just don't have the legal authority to access your father's financial records.

A couple items - these are from memory for New Jersey, so don't take as gospel without further checking:

1) The application to open probate should incluide a preliminary estimate of estate value.
2) The administrator is required to file an estate inventory. I believe that the deadline is 3 months after appointment.
3) Unless waived by the will, I believe that NJ requires the posting of an administrator bond. That provides the beneficiaries some protection from a wayward administrator.

The part about "...without creating a rift with my sister" limits your options considerably. If you don't want to bug her, then keep a sharp eye on the filing of documents at the Surrogate's Court.
 
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candg918

Member
I cannot believe that it has been less than a month since your father's death and you are concerned about the value of the estate! In this period, the ordinary bills have not come due to say nothing about medical expenses. If he had been ill, it will several months before insurance has been processed and final payments made. Handing ordinary bills is nothing like bills incurred for end-of-life care.

Estate tax filings cannot occur until all bills are paid. It is at that time when she will have a good idea about the size of the estate. Check your father's state's as well as the federal requirement for the timing of the filings. If it appears that she will miss those deadlines, then you can worry about the failure to handle the estate in a timely manner.

I can understand your sister's reluctance to make any commitment to estimate the size of the estate from you posting the "I have asked her numerous times..." in less than a month since your father's death. I suspect she fears that if she underestimates it in honest error, you will pursue legal action against her.

It may be the case that everything is in trust or paid directly to beneficiaries so as to avoid the costs of probate such that opening probate might be unnecessary. Remember that the costs to probate the estate, attorney fees and executor/trustee fees come out of the estate before it is divided. It may be in your financial best interest to try to minimize these fees in order to maximize your inheritance.

As a final note, had your father wanted you to have detailed information about his finances, he would have shared that with you during his lifetime. He chose your sister to administer his affairs; you should respect that and not appear so greedy as to be looking for your inheritance rather than mourning his passing. You are being unrealistic in your expectations and demands.

Remember, you can always file to open probate yourself; you may not necessarily be appointed executor; you will alienate your family by pressing the issue if it is unnecessary.

Since many of the attorneys on this forum seem to be taking the day off, you might wait until later to see if they have legal advice for you.
 
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BlondiePB

Senior Member
candg918 said:
I cannot believe that it has been less than a month since your father's death and you are concerned about the value of the estate! In this period, the ordinary bills have not come due to say nothing about medical expenses. If he had been ill, it will several months before insurance has been processed and final payments made. Handing ordinary bills is nothing like bills incurred for end-of-life care.

Estate tax filings cannot occur until all bills are paid. It is at that time when she will have a good idea about the size of the estate. Check your father's state's as well as the federal requirement for the timing of the filings. If it appears that she will miss those deadlines, then you can worry about the failure to handle the estate in a timely manner.

I can understand your sister's reluctance to make any commitment to estimate the size of the estate from you posting the "I have asked her numerous times..." in less than a month since your father's death. I suspect she fears that if she underestimates it in honest error, you will pursue legal action against her.

It may be the case that everything is in trust or paid directly to beneficiaries so as to avoid the costs of probate such that opening probate might be unnecessary. Remember that the costs to probate the estate, attorney fees and executor/trustee fees come out of the estate before it is divided. It may be in your financial best interest to try to minimize these fees in order to maximize your inheritance.

As a final note, had your father wanted you to have detailed information about his finances, he would have shared that with you during his lifetime. He chose your sister to administer his affairs; you should respect that and not appear so greedy as to be looking for your inheritance rather than mourning his passing. You are being unrealistic in your expectations and demands.

Remember, you can always file to open probate yourself; you may not necessarily be appointed executor; you will alienate your family by pressing the issue if it is unnecessary.

Since many of the attorneys on this forum seem to be taking the day off, you might wait until later to see if they have legal advice for you.
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You've done mighty fine here, candg918. There's no way in 1 month for an estate to be valued, 'cept if there's very, very little to tally and nothing to appraise.
 
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Cat55

Junior Member
I'm not trying to be greedy or push for the money. I am greiving the loss of my Dad also. She and my brother-in-law had been actively involved with my Dad's finances prior to his death. They certainly know how much money is in his estate now (excluding any debts). I'm trying to understand the process a little and get the information I believe I'm entitled to know.
 
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anteater

Senior Member
I'm trying to understand the process a little and get the information I believe I'm entitled to know.
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You can consult with a NJ attorney, or, possibly with a clerk at the Surrogate's Court, for exactly what an executor is legally required to provide the beneficiaries.

I have some knowledge of NJ, but it is not complete. But, from what I know, the executor is only legally required to notify the beneficiaries that probate has been opened and offer to provide a copy of the will. if requested.

Other than that, you are entitled to view the probate file since it is public.
 
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BlondiePB

Senior Member
Cat55 said:
I'm not trying to be greedy or push for the money. I am greiving the loss of my Dad also. She and my brother-in-law had been actively involved with my Dad's finances prior to his death. They certainly know how much money is in his estate now (excluding any debts). I'm trying to understand the process a little and get the information I believe I'm entitled to know.
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Bookstores, like Barnes & Noble have good books about probate. Go get one so you will understand the process. Or, check one out at your local library.
 
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