Selling residual assets

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Sailorgirk

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If a deceased person made a will but he omitted some lands that then fell into the wills residual provision which has 8 residual beneficiaries, can the executor sell those lands & divide the proceeds among all the residual beneficiaries or do all the residual beneficiaries have to agree to the sale first ? Is this sale normally done before probate or after ? The only beneficiary of the 8 who is a farmer was offered the opportunity to buy the residual lands by the executor but refuses to respond so I am wondering the next step as time is rolling on . Does the executor need the permission of all beneficiaries to put the lands on the market ?
 
The executor does not require the permission of any of the beneficiaries to undertake any legal course of action concerning the decedent's assets, real or personal.

The executor is bound by law to gather up all of the assets of the estate and distribute them, net of any debts and taxes, as per the wishes expressed in the will, the laws of the land, and the rules of inheritance. Unless there are exceptional circumstances, the same applies to residual assets.
 
mathepac said:
The executor does not require the permission of any of the beneficiaries to undertake any legal course of action concerning the decedent's assets, real or personal.

The executor is bound by law to gather up all of the assets of the estate and distribute them, net of any debts and taxes, as per the wishes expressed in the will, the laws of the land, and the rules of inheritance. Unless there are exceptional circumstances, the same applies to residual assets.
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Thank you... Does the beneficiaries have to agree the price that's achieved by the executors once the land goes on the market?
 
It depends on the wording really. Is residue left to residuary beneficiaries directly or on trust for sale to exec to divide proceeds. If no power of sale, rely on s.50 succession act but exec must consult beneficiaries and if dispute, majority rules
 
MHoran379 said:
It depends on the wording really. Is residue left to residuary beneficiaries directly or on trust for sale to exec to divide proceeds. If no power of sale, rely on s.50 succession act but exec must consult beneficiaries and if dispute, majority rules
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Thank you for your reply. No there was no mention of a trust.. These lands just fell into the residual so your saying a executor needs permission from the residual beneficiaries to sell these lands.
 
No, what I said is that it depends on the wording, and it may be that an executor should consult beneficiaries for their wishes, and in the event of a dispute the majority view will be taken.
 
MHoran379 said:
No, what I said is that it depends on the wording, and it may be that an executor should consult beneficiaries for their wishes, and in the event of a dispute the majority view will be taken.
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Thank you... What happens say in the situation of 8 residual beneficiaries and 4 beneficiaries want to sell the lands and four do not... How would the majority work then? Would the executor who is one of the residual beneficiaries have the final say?
 
If the executor is a residuary beneficiary, yes their 'vote' counts. If it's still 4 versus 4, there is no majority. In that case it might mean a court application is necessary, this of course would be a terrible pity as the legal costs will reduce the benefit to all. However if it is the case, as seems above, that one beneficiary is simply not responding, then the executor should send a letter/email to all stating their intention to sell if no objection received within a certain period of time and advising that, in the event of objections ( which form half) that a court application will be necessary, and should really set out the cost of that, and therefore the reduction in benefit to all. If people are informed of the hit to their pocket, they may be more amenable
 
MHoran379 said:
If the executor is a residuary beneficiary, yes their 'vote' counts. If it's still 4 versus 4, there is no majority. In that case it might mean a court application is necessary, this of course would be a terrible pity as the legal costs will reduce the benefit to all. However if it is the case, as seems above, that one beneficiary is simply not responding, then the executor should send a letter/email to all stating their intention to sell if no objection received within a certain period of time and advising that, in the event of objections ( which form half) that a court application will be necessary, and should really set out the cost of that, and therefore the reduction in benefit to all. If people are informed of the hit to their pocket, they may be more amenable
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Thank you so much for your help.. Much appreciated
 
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