Is the executor acting on behalf of the beneficiaries in any way?

Well,yes. But if, for example, it means waiting a year, then no.

It really depends on what the issue is. Is it that one beneficiary wants it all done and dusted? Another wants to hold out?

It comes down to what a Court would regard as reasonable - if all came to all.

mf
 
ParkLane said:
Is an executor to a will obliged to get the best price on disposal of deceased's assets?
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Nope. The executor's main obligation is to do what it says in the Will. And do it in a relatively timely manner. If that means selling an asset such as a house, than that is what they need to do.

No one knows for sure what will happen to house prices over the next few years. If the executor and Beneficiary A think that they could get a better price by holding off for a few years, they are taking a gamble getting into dangerous territory. The executor is also in breach of his obligations to the wills testee. Beneficiary B could come after the executor for losses that they incurred by not receiving their inheritance when they were supposed to. In a relatively timely manner.

From what I have read here, unless there are mitigating or overly complicated circumstances, the courts look on one year as being adequate to wind up an estate. Holding out for a better price would not be deemed a good enough excuse to not sell the asset. Cue the executor for being on the hook for any real or paper losses that the estate incurred due to the delay.
 
beffers said:
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From what I have read here, unless there are mitigating or overly complicated circumstances, the courts look on one year as being adequate to wind up an estate....
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Not quite. The Succession Act gives a year during which an executor can not be proceeded against for undue delay - in effect, the message is that less than a year is inadequate. The courts are unlikely to get very exercised if things take a bit over a year.
 
Gulliver said:
Agree with mf1. The executor must not take risks.
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In this instance this is what is happening. The house is in a bad state of decoration etc. One family member is embarassed to put a For Sale sign outside the door in case any friends, neighbours or distant family visit. They have put a word in the executors ear to sell the house by making contact with people they might think are interested in buying it. The executor is related to the person who wants to do this and is all for it.
Other family members would like the market to decide the price.
Can an executor go for scenario no.1 without reference to the other beneficiaries?
 
ParkLane said:
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Can an executor go for scenario no.1 without reference to the other beneficiaries?
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Yes and no, with the no being the more important part of the answer.

Yes, because in almost all matters, is the sole prerogative of the executor to decide how to realise the assets of the estate.

No, because if an executor has failed to act reasonably in the best interests of the beneficiaries, the court could be persuaded to take an active interest if that were not done.

A beneficiary with a real concern about an executor's actions should think of expressing that concern formally in writing as early as possible. It would be very unwise of the executor to ignore such a communication.
 
There is another strategy that might be less troublesome than going into conflict with the executor: the beneficiaries might agree with the executor that it is reasonable, for the purposes of achieving the best price, to spend a sum on decorating and freshening up the property before putting it on sale.
 
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