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Can an executor buy property of the estate to pay the beneficiaries?
Wiki User
∙ 14y ago
Yes, the executor has the duty to carry out the instructions of the will regardless of what any potential beneficiaries may want. There may be situations in which the executor must sell certain property in the best interests of the estate.
Of course, any questionable actions of an executor can be challenged in court.
Wiki User
∙ 11y ago
Wiki User
∙ 14y agoIf the court has no problems with the sale of property to the executor, it can be done. But it must be at a fair market value and backed up with appraisals.
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How can executor of an estate buy out other family members on real estate?
First, the estate must be probated and the executor must be appointed by the court. Then there are different ways the executor can purchase the real estate. They could petition the court for a license to sell the real estate with the executor as the purchaser after a fair market offer has been accepted by the beneficiaries. The executor would need to obtain the assents of all the other beneficiaries to the petition. The court would likely allow such a transfer. Another method would be for the executor could wait until the probate procedure has been completed and then purchase the property from the beneficiaries who inherited it and are now the legal title holders. Either way, the executor should consult with the attorney who is handling the estate to make certain the transfer is done properly and title is passed legally.
Can a beneficiary force the sale of a property when executor years ends if the other beneficiaries disagree?
Type your answer here... Can a beneficiary force executors to wind up an estate, or ask them to buy him out in respect of a property being involved
Can executors sell a house willed to seven beneficiaries where two beneficiaries do not want it sold?
If two of the beneficiaries want to keep the property then they should try to work out an agreement with the remaining beneficiaries to buy out their shares for a fair price. However, the executor may have the power to sell the real estate. The testator often gives that power right in the will. In that case, the executor may sell the property without any license from the court. If the power to sell was not granted in the will the executor must apply for a license to sell the real estate. The two beneficiaries may object to the sale. However, they should be prepared to offer an alternative since five of the beneficiaries do want to sell. Unless they offer to buy out the other beneficiaries the court is likely to issue the license to sell.
As sole executor of will can you be forced to sell house by the other beneficiaries?
As an executor, you have a duty to sell the house and distribute the proceeds. If you want to buy the house from the estate, you can make that arrangement.
Can an executor buy family home at full price if they are also a beneficiary if 3 out of 4 beneficiaries agree?
Any of the beneficiaries could buy the property at full price. The court has to approve it, but I don't see any reason why they wouldn't approve a valid sale at a market value. The money goes into the estate and is then divided between the debtors and beneficiaries.
Can the executor of the estate buy your portion out?
If you wish to sell it to them. You are not under any obligation to do so.
What if the executor does not want to sell a house in the will?
There is no problem if the debts of the estate have been paid and the executor is the sole heir. However, if there are other heirs who want to sell the property and take their share of the proceeds the executor must buy out the interests of the other heirs. Otherwise, the heirs are entitled to a sale of the property and can file a petition for partition if the executor will not act.
Can you buy a property of a deceased person that has no executor?
You have to buy the property from someone. And the only person that can sell it is the executor.
How does an estate adminstrator buy out other beneficiaries?
The estate has to be completely inventoried. Then an independent appraiser has to provide a valuation of the assets. Once that is done, the executor can reach an agreement with the other beneficiaries. At that point he can petition the court with a buyout offer. If there is any feeling of something being inappropriate, consult a probate attorney.
Can an executor of an estate remove heirs from a property that is designated to be sold in the will if those heirs have paid the property taxes?
Yes, if the property was owned by the decedent and the Will provides that it be sold. In that case, the executor must carry out the provisions in the Will unless the provision is changed by a court order. It is assumed that there are other heirs besides the ones who paid the taxes on that property. The heirs who paid the taxes can file a claim against the estate for the amount they paid in taxes and they can offer to buy the property from the estate if they wish to keep it. They should speak with the attorney who is handling the estate.
Can an executor who is also a benficiary buy real property from an estate?
As long as it is properly approved by the probate court. There will have to be documentation of legitimate valuation and payment.
Can executor of an estate legally rent real estate out named in a will when one heir will not give permission?
There is no reason that the executor cannot lease estate property. As long as they get a fair market price for the lease. They would then be able to use the money to pay debts and taxes as well as maintain the property.
