What does ‘ As soon as economically reasonable ‘mean in a will?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What does ‘ As soon as economically reasonable ‘mean in a will?
My dad wrote a will and he owns a property. He
wrote in his well as soon as economically
reasonable after his death he directs that his
personal representative which is me sell that
real property. What does this mean and do I
have to sell the house or can I stay living in
it? We currently the both live in the property
and I am his caretaker but my concern is will I
have to sell it after he passes away or will I
be able to stay here in the house.
Asked on April 23, 2018 under Estate Planning, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
1) Are you not just the personal representative, but also the sole heir (only one inheriting) to the house? If so, live in it as long as you like: only an heir can complain about (i.e. bring a legal action in regards to) what is done with an asset, so if there is no one but you to complain, there is no issue.
2) Assuming you are not the sole heir, you will have to sell it when, as stated, it is economically reasonable. There is no hard-and-fast definition of when that is, but basically, it means when you can do and get a reasonable sale price or return on it. If the house needs work before it can be sold (either at all, or for a decent and appropriate price), you can delay until that work is done, so long as you take reasonable and appropriate steps to get the work done (i.e. don't drag your feet). If the housing market is depressed in your area, you could hold it for some months, possibly a few years, until the market recovers. "Reasonable" means what it sounds like: when a reasonable person would sell.
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.