Finalising Mothers estate - obliged to sell house?

Pat Bateman said:
... I don't believe I'm speculating on the future direction of property prices when I say that selling a property right now if you don't have to isn't the best idea.
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Of course you are speculating: you are making a decision based on your opinion of future prices. And that is what OP and his brother want to do. They are, of course, entitled to do so, but they should make their decision while being mindful of the danger that property prices might fall further.
 
AFAIK there is nothing to stop the Executor putting the house in the names of the beneficiaries. It is they that police the execution, and if they're happy to transfer it...
 
rockofages said:
AFAIK there is nothing to stop the Executor putting the house in the names of the beneficiaries. ...
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The will does as it is specific in relation to how the house is to be treated.

See previous posts about beneficiary agreements and indemnification of executor.
 
mathepac said:
The will does as it is specific in relation to how the house is to be treated.

See previous posts about beneficiary agreements and indemnification of executor.
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If all beneficiaries agree consent in writing, who is going to complain? I would have thought that as long as they all agree in writing and the spirit of the will is being followed...
 
Hopefully an arrangement can be made to sell the house at a later date as this is the sensible thing to do and all are in agreement but isn't it the Probate office/court that will have the final say if such a deal is acceptable or not.
 
No, the probate office just grants probate to the Executor. ie gives the Executor the legal power to administer/distribute the estate.

The Executor can delay the sale of the house for as long as they like, but once outside the 12 months from the date of death the Executor can be sued (in theory) for not doing their job. Again, if all beneficiaries agree in writing not to proceed with the sale I don't see how there could be a problem...
 
rockofages said:
No, the probate office just grants probate to the Executor. ie gives the Executor the legal power to administer/distribute the estate.

The Executor can delay the sale of the house for as long as they like, but once outside the 12 months from the date of death the Executor can be sued (in theory) for not doing their job. Again, if all beneficiaries agree in writing not to proceed with the sale I don't see how there could be a problem...
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You cannot keep an estate in existance indefinately - it is supposed to be temporary. And if a property is rented out while part on an estate, then the estate gets all the rental income, not the beneficiaries. This rental income cannot be drawn down by the beneficiaries, it must be banked until it is distributed along with the rest of the estate.
 
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