executor selling property
Get Legal Help Today
Secured with SHA-256 Encryption
executor selling property
I am the executor of my fathers will he is still alive. He has a regular Will, written that I am the executor and all proceeds from the house and all other assets get split between myself and my 2 siblings. Does either sibling have any say over how much I sell the house for? My mom died a few years ago, with no will and the three of us argued intensely over the sale price of her house. I’m just trying to avoid that with my dad’s property.
Asked on October 6, 2017 under Estate Planning, New Jersey
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 3 years ago | Contributor
They don't have a direct say, BUT an executor is bound by a fiduciary duty: a law-imposed duty to act in the interests of the heirs/beneficiaries, with reasonable care and diligence, and in accordance with the will. What this means in practice is that any property has a fair or reasonable range of prices for which it may go for, given location, condition, size, etc. (e.g. a house might reasonable sell for between $450k and $525k, depending the market conditions, how you stage it, and the possible buyers who look at it); as long as you sell within that range, there is no credible challenge to your decision, but if you sell for less than what is fair or reasonable, the other heirs/beneficiaries could bring a legal action to hold you accountable, if a court were to decide that you failed to exercies reasonable judgment or act in the other heirs/beneficiaries' interests. (E.g if you sold below market value to a friend of yours, to a business you an interest in, etc.--if you did those things, if a legal action were brought, the court could require you to pay out the difference between what you should have sold it for and what you did sell it for to the others.) For this reason, it's not a bad idea to get the other heirs/beneficiaries consent or "buy-in" to the price, to avoid a later challenge to it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.