Executors Request Release of Liability to Distribute Funds

[Samanthany12]

New York
The executors have sent a release of liability letter before any distribution of funds to beneficiaries. The executor is also a beneficiary and has distributed funds to herself. However, there is cause for objection to petition the court. After 3 years the estate is not settle. She has lived in the NYC apartment for 2 1/2 years without compensating fair market value of rent to beneficiaries. The apartment has 24 hour doorman, exercise gym, private park, balconies, 2 bedrooms etc yet the final distribution to the 4 beneficiaries is under $20k. There is no detailed accounting to explain the disparity of property value to distribution. Additionally, she sold estate items to use on personal expenses. Since she moved in, no one has been allowed in or has reviewed the property. She has made no final accounting, no itemized list or appraisal of property nor is there a Proposed Final Distribution of Assets (Her explanation is that she intends to create an "archive" of the family estate, that includes antiques, silver, photos etc. to sell subsequent to settlement of estate but says she intends to "share" the money if a sale is made.) The beneficiaries are without means to retain a lawyer, and the inheritance will help their basic life expenses at this difficult economic time. If they sign this document, prior to receiving a final accounting are they still without means to object in court? Will their signatures on a release of liability hold up in court?What is the name of your state (only U.S. law)?

 

[anteater]

Simple. Don't sign it.

I would suggest that the 4 beneficiaries pool whatever funds they have to retain an attorney to represent them. Probate in NY is fairly formal. If they try to walk into the Surrogate's Court without representation, they are likely to get bulldozed.

 

[tsalagi7]

Just because one is poor (or doesn't have several hundred thousands to throw on lawyers) shouldn't mean the poor can be denied access to the courts and justice. Maybe try to find someone to take it on a contingency basis wherein they will only get paid once they secure a settlement. That settlement should include some sort of surcharges (damages) from the trustee. Trouble is, the trustee can use your inheritance money against you by defending themselves from taking assets or money in the first place that should have gone to the beneficiary. Check the wording of the trust. If it says a trustee can hire attorney, they may fight you, bill the trust, drain the trust, and although wrong, judges seem to let them get away with it. That's why you hear people say "only the attorneys win." Don't let the attorneys eat everything. There are lots of people in court I see that their attorneys quit because the beneficiary ran out of money. They leave them hanging. You lose your money, the money in the trust, and can owe your own attorney. It is so sad what is going on in these courts. I pray you find someone who will help you. Until then help yourself by learning all you can about the law. Familiarize yourself, have our facts, and try to find someone who knows what they are doing. Getting the executor removed is a step.