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I am the executor for my fathers estate in. There are no…

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I am the executor for...
I am the executor for my fathers estate in KY. There are no outstanding debts. The estates property (house 5 acres) has been sold. There are no issues between beneficiaries of the estate.While I expect no issues with the purchaser of the house/land how long should I keep funds in the estate account before final distribution in case the new owner of the house and land files a claim? I know I am legally responsible but before distributing cash assets to myself and my sister I want to make sure the estate and myself is clear.Thanks
Submitted: 6 months ago.Category: Real Estate Law
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Answered in 27 minutes by:
8/4/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,319
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. As I'm sure that you know, there is generally no hard-and-fast rule as to how long you should keep the cash assets. However, you may want to think about what the statute of limitations are for a breach of contract action in Kentucky and then weighed against the likelihood that you may be involved in any kind of lawsuit. The most likely scenario that you would face is a breach-of-contract claim. In Kentucky, he a breach of contract claim as a statute of limitations of five years. Ky. Rev. Stat. 413.120(1) (2016)

This means that you could potentially keep the money held in trust for up to five years before you decide to distribute the proceeds. If you and your sister could survive that long, then that is of course what I would recommend. However, 5 years may not be necessary. Usually, most of the issues that arise between a home seller and a home buyer is going to happen within the first year. Therefore, I would probably said a minimum time of at least 6 months and maybe do some frequent check-ins with the buyer to check to see if they are happy. This way, you can make sure that you are not going to be making a mistake in spending funds that should be used to help resolve their complaints.

Although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

Hello, it’s been awhile since we connected so I wanted to check in with you to see if you had any further questions or if there is anything else I can assist you with today. Please reply here and let me know. Thank you.

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Customer reply replied 6 months ago
We are past the 6 month period - I additionally purchased sellers insurance which covered most appliances, furance etc.I have not read KRS 413.120(1) (2016) - and I have had no complaints from the buyer - my question to you would be does it make a difference that this was an a "estate sale" meaning that I did not live in the property or am I the responsible person as the guardian of the estate regardless or my knowledge regarding the estate being a non resident of it.Kind regards,Michael Jung
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

Thanks for responding Michael! It doesn't make a difference if it was an estate sale; you are the responsible person as the guardian of the estate to a point. This is why being an executor can be kind of a thankless job. However, I have reason to believe that because of how careful you have been in this situation, you are really going to be in a good position. Keep in mind too that you can't perfectly protect yourself against everything that a buyer might do and they have a right to bring a lawsuit, even if it doesn't have a ton of merit. However, so long as you made reasonable efforts to ensure the property was worth selling and contained no serious defects, you can beat any claim. Did you have any other questions?

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