Executors right to decide

M

Maryloulou

Guest
If a property is left to a number of brothers & sisters equally & if some want to except an offer made on the property & others feels the price is to low does the executor have the right to sell.
 
Executor's decision is final once its made in good faith. Frequently executors will property up for auction just to show what the best price is in a transparent fashion. It probably would be a waste of money to do that now .....To be honest if an executor has an offer for property now he/she is doing very well.
If the beneficiary/ies think the property is worth more they can make a higher offer and buy the property themselves - that'd be the real test.
 
Executors can be held liable for losses to the estate if they act dishonestly so it would presumably not be in their issue to sell at too low a value. It is usual to get a valuation of the property for completing the Inland Revenue Affidavit so they would have an idea of its value.
 

Thank you for the replys the problem is there was a higher offer by €40,000 made on the house three weeks before & this was refused by all.
The executor is now pushing everyone who wants to hold off selling to accept the lower offer or face going to court to have it resolved.
Again thank you for your quick replys
 
Would it be possible to see if that offer is still open? As all beneficiaries refused that may simply have been a bad decision on their part. Is the house being sold to a third party or to one of the beneficiaries? Unless the will specifically states that the property is to be sold, if they all agree they could have the house transferred to all of them and not sell it. If some want it sold and others want to hold it then the ones that wish to keep it could offer to buy at the agreed price and proceed by way of deed of family arrangement.
 

None of the other beneficiaries are in a position to buy on their own or together & we have just been advised by the executor he is going sale agreed from tomorrow it leaves a sour taste & a family divided over the way he has handled this.
Thanks again for your reply.
 
"it leaves a sour taste & a family divided over the way he has handled this."

Why is the sour taste with the executor and not with the people who won't make a decision, have already cost the estate 40K, patently aren't in a position to buy out the others and happy to leave the poor executor wringing his hands in despair?



mf
 
I think that you have to chalk this one up to experience. It's not the executor's fault if the beneficaries (including you by the sound of things) refused a better offer. They obviously took your opinion on board regarding the estate.

I'm guessing that the house has to be sold rather than transferred to all beneficiaries in equal shares to be sold in the future.
 
The Executor is nominated by the person making the will to execute his/her wishes.
If there is difficulties it is your responsibility to ensure that the will is executed as required. If this means that you must now incur legal costs to resolve same then do it. The costs of the legal procedures will be levied against the estate before it is finally divided up.
The beneficiaries may come to their senses when they realise that the legal profession will be taking a good share of their inheritiance.

It was hardly the intnetion of the deceasednthat you would suffer harassment because of being appointed Executor.
 
mathepac said:
Yes and the beneficiaries have no say. Once the executor acts in good faith and legally, he or she is the sole arbiter.
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If the will leaves the property to a number of brothers and sisters equally as mentioned by the OP, presumably each brother and sisters name would be registered on the deeds.

If all their names are on the deeds are you sure the executor still has the over all right to sell against the wishes of some of the beneficiary/ies?
 
werner said:
If the will leaves the property to a number of brothers and sisters equally as mentioned by the OP, presumably each brother and sisters name would be registered on the deeds....
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That is not the case.
werner said:
...
If all their names are on the deeds ...
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They're not.
werner said:
...
are you sure the executor still has the over all right to sell against the wishes of some of the beneficiary/ies?
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Yes - see my previous post in this thread regarding provisos / caveats.
mathepac said:
... Once the executor acts in good faith and legally, he or she is the sole arbiter.
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The executor / executrix has already offered the house to the beneficiaries and none of them individually or collectively is in a position to buy it.
 

Thanks for the reply

In a hypothethical case and the brothers and sisters names were on the deeds would the Executor have the right to sell against their wishes?
 
My understanding is that once the property is transfered to the siblings, the executor has no further involment.

We had a situation where most wanted to hold onto the property and 1 person wanted to sell. One of the others was willing to buy out there share.

The executor normally only forces the sale if the involved parties can't make a decision & AFAIK, they are fully entitled to do this. It seems as if the benifactors may have been expecting too much - they can either sell at the best price currently on offer or they can transfer to their names and hope the markets mprove. I'm guessing the executor is just looking for an end to this.
 
sam h said:
My understanding is that once the property is transfered to the siblings, the executor has no further involment.
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If the executor is a sibling and is also a benificiary and wants to sell to gain access to his/her share of the estate does the executor still have the right to sell if the other beneficiaries


(1) Refuse to buy out the Executors share

(2) Refuse to sell the property

Or does the executor have to sue to gain their share?
 
Whatever is the case..............

If there is a difference of opinion the parties may well find themselves in a Court situation , where a Court will offer only the solution of (a) either sort it out or (b) there will be a forced sale.

I can never get my head around people refusing to face reality and relying on emotional attachment/blackmail ( or whatever) to justify stubborn refusal to deal with issues.

mf
 
In werner's example, if one sibling is the sole executor and wants to realise their inheritance if the other beneficiaries will not buy out their share they can sell the property as executor regardless of the other beneficiaries wishes so long as they act in good faith etc, which presumably they would be if will stated property to be divided up and they were trying to do this.
 
What if the executor is one of the siblings and they (the executor) wishes to buy out the other siblings. Who determins the value of the estate, if say the siblings don't agree with the executors offer ?
 
Rusty Cogs said:
... Who determins the value of the estate, if say the siblings don't agree with the executors offer ?
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An estate agent or valuer, preferably more than one, for real property; bank accounts value themselves; investments, insurance policies, etc. at their liquidation value.
 
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