From our “Ask a Question” mailbag: The lawyer serving as the executor for my mom’s Montgomery County estate has sent me documents called an Informal Account and a Receipt, Release, Refunding and Indemnification Agreement. If I sign this, do I waive my rights to ask any questions?
As a beneficiary of your mom’s estate, you have the legal right to have a Probate Attorney ask the executor to file an accounting with the Montgomery County Orphans’ Court. But, the cost of compiling the accounting will be paid out of estate funds. Which will reduce the pool available for distribution to the estate’s beneficiaries. Typically, when there are no disputes, the executor will instead assemble an Informal Accounting of the estate’s assets and expenses. This Informal Accounting is then submitted to the beneficiaries for review.
If there are no objections, the beneficiaries sign the Receipt and Refunding Agreement that accompanies the Informal Accounting. By doing so, the beneficiaries agree that they don’t want a Formal Accounting and waive all objections to the executor’s actions. So, if you are satisfied with the Informal Accounting you can sign the Agreement, but if you still have questions, you should not sign.
If you have questions, it would be a good idea to retain an experienced Montgomery County Probate Attorney to walk you through and explain to you the accounting. You should never sign anything that you do not fully understand.
If you have questions about Probate or Estate Litigation in Montgomery County, feel free to contact our office for a free consultation.