Not Honoring terms of Will

[dlavergne]

What is the name of your state (only U.S. law)?

New Mexico

What are the penalties if any for an individual not honoring the terms of a will that has been settled?

The individual is one of two heirs, the terms of the will were that all assets were to be split 50/50 with no other stipulations and by settled I mean that the estate return has been filed and all property and funds have been distributed to the heirs. There is a small oil & gas management company that was willed to the two heirs and one is controlling it and making all of the decisions without consulting the other.

 

[tranquility]

What are the penalties if any for an individual not honoring the terms of a will that has been settled?

Who is the individual? What are the terms? What do you mean by "settled"?

 

[nextwife]

And, FYI, the will can only be honored for assets that pass through probate AND are still owned by the decedent.

Property no longer owned, or co owned in a manner that makes it pass OUTSIDE probate cannot be willed. 401ks or IRAs, or life insurance that has named beneficiaries cannot be willed.