What does ‘ As soon as economically reasonable ‘mean in a will?

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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 2 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.


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