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What should you do when the property owner died before the sale of his home was complete and what can the beneficiaries do if the property is still in his name?
Wiki User
∙ 12y ago
You can imagine that If he owed no mortgage and had no tax liens against the property -- if the property was free and clear of any encumberances -- the county or state would appoint an "Estate Trustee" to take charge and oversee the sale and liquidation of the property and any exterior assets and the Trustee will be paid for his involvement when the property and assets are sold -- and the rest of the sales earnings will be divided amont the living heirs and distributed accordingly. The only downside to this is the the Estate Trustee will be in control and any items within the home will be at the mercy of the Trustees first dibs rule. His rule is usually "First come First serve" and he was their first.
Answer & ClarificationThe estate must be probated in order for the property to pass legally to the heirs or for an estate representative to obtain the authority to execute a deed to sell the property. Any documents signed by the decedent will be enforceable. The sale will be delayed but an attorney who specializes in probate law will have the experience necessary to expedite the process.
Wiki User
∙ 12y ago
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Can an executor sell house against wishes of beneficiaries if liquidation of the house is not necessary to cover estate expenses or taxes?
If the power to sell real estate was granted in the will then the executor has the power to sell it. However, if ALL the beneficiaries agree that the property should be retained they should insist the property not be sold. Remember that the beneficiaries own the real estate. If the executor proceeds to try to sell the property the beneficiaries should petition the court to review the matter ASAP.
What should one know before buying properties?
There are a number of things one should know before buying property. The most important is the cost. One also needs to complete an inspection to ensure the property is in good condition.
Can a lien be recorded against a property in a trust?
If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.
Can the executor of an estate give permission to his friends to access the estate property and can beneficiaries do the same?
The Excutor is responsible for damange to all property, keeping records of spending for funeral costs, etc., out of the Estate. Technically, the only people that should be allowed on that property is the Executor and the beneficiaries or a real estate agent. Eventually the Will goes into Probate where all creditors will be paid off, all property taxes, personal taxes, etc., and what is left in the Estate will be divided amongst the beneficiaries. It is also customary for the beneficiaries (if not mentioned in the Will) to give 1 1/2% - 3% (can go up to 5%, but a judge would question this) to the Executor of the Will. Being Executor can be a tough job and lots of red tape even if the Estate is on the small side. If the Estate is small then 1 1/2 - 2% is customary, and if it's a large percent then 2 1/2% - 3%. The Executor can have friends on the premises, but is 100% responsible for any damage or missing articles from that Estate. The Executor should let the beneficiaries know, and thus, the beneficiaries should let the Executor know if they have friends on the property. It's a good idea to take a video of each room, any jewelry, art, etc. before anyone goes onto the property besides the Executor or beneficiaries.
Do the heirs designated in a will have rights to real property if the statue of limitiations runs out on probating the will?
An estate must be probated in order for title to real property to pass to the heirs at law or beneficiaries of the will. You should consult with an attorney before you accept that any "statute of limitations" has passed for probating the will. The will must be examined and approved by the probate court in order to pass title to property to the beneficiaries named in the will. If the will is not allowed then an Administrator will be appointed and the property will pass according to the state laws of intestacy. You can check your state laws at the related question link below.
Does executor of a trust have to let the beneficiaries of the trust monitor their activities?
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
If a family has real estate property in a living trust will this property be protected from medical bills of one family member?
If the trust instrument was properly drafted then title to the property is in the trustee and should not be reachable by a creditor of one of the beneficiaries.
Is cash found in the home of the decedent considered property and should go to the person that gets the residual property Or should it go to those beneficiaries that are splitting the bank accounts?
It should go into the estate to be distributed appropriately. The executor will submit the plan to the court for approval.
Why Are safeguards needed in trust accounting?
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
Should you sign a deed in lieu of foreclosure if your husband is the only one whoe signed the mortgage note and you live in a community state property?
You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.
Your uncle is executor and trustee and has allowed his wife to take personal items of your grandmother before allowing the beneficiaries in the house Is this legal?
Your uncle is in a fiduciary position and he owes a duty to the beneficiaries to perform his duties according to the letter of the law. He is also legally bound to follow the provisions of the will and trust TO THE LETTER. He has no right to distribute any property to non-devisees. You should report his behavior to the attorney who is handling the estate or to the court that appointed him. He should be removed as executor/trustee. You can request the court order him to return any property he distributed to his wife or its value. It is unacceptable for an executor/trustee in control of property to treat that property as his own and the court will not allow it.
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.
