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Executors legal obligations and liability

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Julia M. Thomas

Guest
What is the name of your state? What is the name of your state? Illinois
My exhusband died intestate in the state of Indiana. The estate appointed attorney and executor (a bank) knew within days that an IRA existed with me as the benificiary. I had heard rumor of it's existance but was never notified legally. Eight months after the date of death I contacted the fund manager myself and he confirmed to me that it exists and that all I need to supply is a death certificate. Meanwhile in the the last 8 months that I had not been notified (by intent or neglagence) it has lost 40% of it's value. Can the estae, executor or attorney be held liabel?
 


ALawyer

Senior Member
I don't think so unless they affirmatively lied to you and you had reasonable grounds to rely on their lies. If the market went up 40% you would not be proposing to pay them the increase, I assume. And if you had gotten possesion of the account earlier, who is to say you would not have done what people usually do who inerited accounts - hold.

In any event, I trust that some of the provisions of the plan for estate distribution may be governed by your separation agreement or divorce decree. I assume (AND hope) that you have a lawyer and accountant who is looking out for YOUR interests. If not, get one or two.
 
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Julia M. Thomas

Guest
Thanks ALawyer!

During that 8 month time I did convert most of my personal stock holding to bond funds. I would have done the same with that fund and certainly wouldn't even be in the tech funds that existed in the IRA. I am currently in process of rolling over that IRA to my accounts and have an order to immediately convert the assests to other types of funds. What I was most distressed about, is that they didn't even let me know it existed...I napproaced the fund manager myself based on hearsay, and he seemed to think that I had know all about it. Isn't there a limit on the time of notification? I do have an attorney representing my daughters interests but litigation not probate sems to be his strenght. What kind accountant should I get?
 

ALawyer

Senior Member
I'd ask the same lawyer you are now using for your daughter.

And any tax accountant can advise you on the IRA rollover rules as they apply to a former spouse.
 

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