Is There A Maximum Period In Which Attorneys Can Hold Proceeds of an Estate?(Florida)

[VillageVicarage]

Florida

Good morning.

I'm rather stuck in a 'no man's' area concerning the disbursement of our mother's estate. Proceeds from her estate have been resolved, except for some shares in a racetrack. Our brother has been holding out for months claiming that the shares are of lesser value and there are no buyers for them. The attorney says they're from a 'closely held stock,' ergo, they attract very few buyers.

Whilst I probably do not dispute this, I've repeatedly asked the attorney to disburse the other remaining cash assets appropriately among the beneficiaries. However, he refuses to do so. Whilst I'd suppose it might have been a gamble to see whether said shares increased in value, I should imagine, equally, they could drop in value. Or perhaps I'm not fully understanding what type of shares these actually are. I understand they belong to a racetrack in or near Tampa, Florida.

Each month I write the attorney, I receive the same reply. "He is still working on selling the racetrack shares at the amount stated in the final accounting. Because the dogtrack stock is closely held, there is very little market for the stock. I appreciate you following-up. We will be making a final distribution as soon as we can."

Is there anything I may do to bring this to a final resolution?

Most Appreciated.

Fr J

 

[Dandy Don]

Is your brother the executor of this estate or is it an attorney?

What are the other cash assets in the estate and what are they worth? Ask him if your state law permits a partial distribution to beneficiaries.

It is reasonable that you want your inheritance as soon as possible but you are hurting your case by continuing to nag the attorney. Please be patient and let the process play out and you and the other beneficiaries will be receiving what is rightfully yours. It's not his fault that the stock is difficult to sell.

 

[FlyingRon]

Further a small amount of residual cash likely needs to be retained to pay certain fees of maintaining the estate, tax filings, and possibly a tax issue related to the sale of the stock.

 

[VillageVicarage]

Is your brother the executor of this estate or is it an attorney?

What are the other cash assets in the estate and what are they worth? Ask him if your state law permits a partial distribution to beneficiaries.

It is reasonable that you want your inheritance as soon as possible but you are hurting your case by continuing to nag the attorney. Please be patient and let the process play out and you and the other beneficiaries will be receiving what is rightfully yours. It's not his fault that the stock is difficult to sell.

Thank you Dandy and Ron!

Sorry,...."My" state law? I'm British and live in the UK. I have a brother who lives in Florida. Originally he was the executor. I signed and agreement agreeing to this. However, subsequently, the attorney took over after the estate went to a probate attorney. There were some concerns regarding cheques my brother submitted after the fact, saying our mother had written to him in exchange for his care. However, she also paid for some capital improvements to his home, such as a second poolside apartment for her enjoyment.

Her home was promptly sold. However, it has now been two years since our mother's death. I don't feel I'm actually pestering the attorney in that I only ask once a month what the current status is. If this is inappropriate, I'd be grateful to know. Other than his reply to my query I never have any further communications...

I suppose the question must be asked; what if the shares never increase or are saleable? What's an 'appropriate' waiting time in such a scenario?

I'm most grateful for your advice and kind contribution!

Fr J+

 

[Zigner]

I don't feel I'm actually pestering the attorney in that I only ask once a month what the current status is.

Just keep in mind that the attorney really doesn't mind answering these questions...he gets paid (out of estate funds) for every question he answers.

 

[VillageVicarage]

Further a small amount of residual cash likely needs to be retained to pay certain fees of maintaining the estate, tax filings, and possibly a tax issue related to the sale of the stock.

Thank you Flying. I certainly can understand a 'small amount.' However, there's been no disbursement of any assets for almost two years now, so I'm just perplexed. I certainly do not wish to irritate the attorney. I have only asked once each month as to the progress. I'm not certain what the protocol is in these matters.

We've had some challenges as I've had multiple materials sent where I noticed errors to the extent I was completely excluded from the estate. Each time (two different occasions), the attorney says the problem has been scrivener's errors.... I must confess, it left me rather uncomfortable... added to this was the extremely casual nature of the communications. However, I've struck that up to merely being a difference in culture, so have never addressed it. Nevertheless, it did raise eyebrows at my own solicitor's office.

I'm most grateful for your kind assistance and contribution. Thank you very much indeed!

Fr J+

 

[tranquility]

Thank you Flying. I certainly can understand a 'small amount.' However, there's been no disbursement of any assets for almost two years now, so I'm just perplexed. I certainly do not wish to irritate the attorney. I have only asked once each month as to the progress. I'm not certain what the protocol is in these matters.

We've had some challenges as I've had multiple materials sent where I noticed errors to the extent I was completely excluded from the estate. Each time (two different occasions), the attorney says the problem has been scrivener's errors.... I must confess, it left me rather uncomfortable... added to this was the extremely casual nature of the communications. However, I've struck that up to merely being a difference in culture, so have never addressed it. Nevertheless, it did raise eyebrows at my own solicitor's office.

I'm most grateful for your kind assistance and contribution. Thank you very much indeed!

Fr J+

How large in "$" is the estate?

 

[VillageVicarage]

How large in "$" is the estate?

In relative terms, it's not that much. Roughly USD$250,000. And the shares represent approximately USD$40,000.00 of that amount.

Thank you again for your kindness in considering my enquiries.

Fr J+

 

[tranquility]

In relative terms, it's not that much. Roughly USD$250,000. And the shares represent approximately USD$40,000.00 of that amount.

Thank you again for your kindness in considering my enquiries.

Fr J+

No way should an estate that small take that long to settle. Certainly, the stock in a small business should certainly be substantially discounted for any of a number of reasons and the full "value" is not ever going to be had for it. But, the stock itself can be distributed and left up to the beneficiaries to deal with. (Unless ownership of a racetrack requires special background investigations. Is that what they are claiming? That might delay things to some extent, but not for years.)

But, what to do? You are not going to be able to prosecute anything yourself as you live in another country. You would have to get an attorney. But, the amount is so small, an attorney is unlikely to take it on contingency all the way through litigation and if the administrator wants to be obstinate, you are not going to force anything. I might hire a Florida attorney for a couple of hours to advise on the best course which may include sending a lawyer's letter to the administrator with potential breaches of his fiduciary responsibilities.

 

[VillageVicarage]

No way should an estate that small take that long to settle. Certainly, the stock in a small business should certainly be substantially discounted for any of a number of reasons and the full "value" is not ever going to be had for it. But, the stock itself can be distributed and left up to the beneficiaries to deal with. (Unless ownership of a racetrack requires special background investigations. Is that what they are claiming? That might delay things to some extent, but not for years.)

But, what to do? You are not going to be able to prosecute anything yourself as you live in another country. You would have to get an attorney. But, the amount is so small, an attorney is unlikely to take it on contingency all the way through litigation and if the administrator wants to be obstinate, you are not going to force anything. I might hire a Florida attorney for a couple of hours to advise on the best course which may include sending a lawyer's letter to the administrator with potential breaches of his fiduciary responsibilities.

Thank you for this sage advice. I'm not aware of the attorney or anyone else suggesting that they even wanted to retain the shares. Personally, I have no interest in them and prefer that they be disposed of as expediently as possible, even if it means incurring a loss.
Here in the UK, we have a governing ethics body called the Law Society and I would typically have recourse to contact them seeking advice and assistance. However, I don't know whether such a body exists in the usa, nor whether they would assist me in any way.

You alluded to the possibility that there was some regulation regarding partial disbursements not being permissible. Might this be the case? I accept that the attorney looks at every single reply or action as 'billable hours,' which personally, I find repugnant if it's merely making single or two sentence replies. Nevertheless, I accept this is the practice in the usa. Do you think, possibly, this may be the case and I need to look further into this? It has just all dragged on for so long and I'd really like to put the past to rest.

Again, I'm so very grateful for your thoughts and comments.

Fr J+

 

[tranquility]

However, I don't know whether such a body exists in the usa, nor whether they would assist me in any way.

Not for this type of instance. No one is giving free help (professionally) for an estate issue.

You alluded to the possibility that there was some regulation regarding partial disbursements not being permissible. Might this be the case?

I did not. In my state, partial disbursements are allowed and I *assume* they are in FL as well. However, absent extremely unusual circumstances, they are not made by professional or professionally-advised administrators. The risks are too great for practically no benefit.

 

[VillageVicarage]

Not for this type of instance. No one is giving free help (professionally) for an estate issue.

I did not. In my state, partial disbursements are allowed and I *assume* they are in FL as well. However, absent extremely unusual circumstances, they are not made by professional or professionally-advised administrators. The risks are too great for practically no benefit.

Again, thank you very much indeed, Tranquility. With these thoughts to hand I think I shall again write the attorney, simply stating that as another month has passed, might he have any progress to report. I shall use that opportunity to present the idea that as there appears to be some challenges in relation to the shares and no other pending matters, perhaps it might be timely for all concerned to consider disbursing the other funds, whilst retaining an appropriate percentage towards the goal of finalising any additional costs or expenditures which may be necessary in the ultimate resolution of the shares. Obviously, I've not worded this very well, but shall put my hat on and try and present my thoughts a bit more succinctly.

Otherwise, I'm simply at a loss as this could very well otherwise continue ad infinitum, which I certainly hope will not be the case.

Thank you very much indeed. I'm most grateful for your sage advice.

Fr J+