QUESTION
Does an estate have to liquidate property? How long can the estate go on w/o being settled?
Asked on Apr 05th, 2014 on Estate Litigation - New Jersey
More details to this question:
My brother and I inherited an estate 50/50 from our uncle in NJ, but he is older so he was named as executor. Our uncle died 6 months ago and my brother is doing nothing to settle the estate. The estate is mainly rental property, so he does not want to sell it, but I do and I have no legal say. I was told that I may be forced into being partners with him on this and I do not want to be. Does an estate have to liquidate property? How long does NJ allow the estate go on w/o being settled? Am I stuck having to wait indefinitely to get my share of the estate in cash? There's some tax bill coming due soon that I don't want to pay, I want to sell the property to pay it. What are my options? Thank you for answering.
1 ANSWER
2 Awards
I'm sure there will be inheritance tax due based on your relationship to the decedent, your uncle. You are in the class of beneficiaries that will be taxed. You will have to pay based on the value of the entire estate. The will may say that the estate is responsible for the taxes, so you will have to check. You also do not have the be a partner with your brother. You can either force the sale. Of the property or a buy out for yourself.
Answered on Apr 06th, 2014 at 8:09 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship