Can heirs place a time limit or other restiction on administrators in a renunciation in an estate matter?
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Can heirs place a time limit or other restiction on administrators in a renunciation in an estate matter?
Due to bickering about which one of us should serve as executor of my parents’ estate, my siblings and I decided to let our lawyers act as estate administrators. But I’ve heard some horror stories about people who did this and had to wait years to see any money and even lawyers investing the estate’s money in enterprises that benefitted them alone. The will does give the administartors the right to invest money from the estate as they see fit. Could we add language to the renunciation mandating a strict time limit on their administration and restricions on their activities?
Asked on August 16, 2012 under Estate Planning, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You could try but I am not sure that it would be legally binding on the administrators. They can do as they see fit "in the best interests of the estate" and the law would probably back them up. What you do have is the right to make sure that they are doing things properly and ask for an accounting of the estate. Think about it again. ANd make sure you understand all the fees associatied here - as administrators and legal fees. They will be plentiful. Good luck.
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