Q: how Much time does an executor have to settle the estate?
My grandparents died 5 years ago and had a house out of state that hasn’t sold. It is listed online as “off market” and we still have not received the inheritance from the executor. Do they have a time limit on when this needs to be paid out? It’s been 5 years and it still is not settled.
A: There is no set time for an estate to be wound up and paid out; it depends on the size of the estate and other factors. The executor (or personal representative) of a last will has a fiduciary responsibility to protect the assets entrusted to them and to insure that everything is done legally so as not to adversely impact the beneficiaries. If you are as unhappy as it sounds, consider hiring a lawyer to make an official inquiry of the executor by letter, with copies sent to all the beneficiaries.
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