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Who is entitled to proceeds if all life estate heirs agree to sell property?
Wiki User
∙ 16y ago
If the life estate holders agree to allow the property to be sold then they mush sign the deed and by doing that they will relinquish their life estates. The proceeds from the sale will go to the remaindermen who own the fee interest in the property. In order to encourage the life estate holders to relinquish their life interest the remaindermen may offer a part of the proceeds as an incentive.
You should seek the advice of an attorney who can review your situation and explain the options.
Wiki User
∙ 6y ago
Wiki User
∙ 16y agoLife estate heirs can only sell their life estates, not the reversion interest.
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What is a short sale in real estate?
A short sale is a sale in real estate, in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
What can you do if a family member who is not an executor breaks into property and takes property and a car?
Call the police. It is theft, pure and simple. They may feel they are entitled, but if the executor and the court don't agree and approve, the individual is stealing from the estate.
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.
Co-administrator of estate?
The co-administrator of an estate has as much equal access to the estate as the administrator. If property or the estate needs to be divided, the parties will need to agree.
If there are 4 executors on an estate but only 3 agree to the sale of property can the sale be completed with the majority?
no
If two siblings have bid on estate property 5 siblings agree that one of them should own the home what is the executors role in this?
The executors role is to insure that the property is sold for a fair market value and the proceeds properly distributed according to the will. Having a beneficiary buy the property is a common occurance, particularly if they property is to stay in the family. He has no brother or sister, but lots of half-brothers and -sisters, namely all the kids of Zeus.
When you dont agree on intestacy distribution?
Intestacy distribution is governed by state law. The formula is easily followed when the property is cash or the proceeds from sale of property. However. if the heirs-at-law cannot agree on a fair division of personal property then the settlement of the estate can become more difficult and more expensive. The administrator has the power and the responsibility to make distribution of the property. In a "friendly" administration where everyone co-operates the family can usually decide on how the property will be divided. If the heirs disagree, the distribution process becomes more costly. The property must be appraised. The administrator can then make a fair distribution based on the fair market value of the property or the property can be sold and the proceeds divided equally according to statutory provisions. If the last method is used, the cost of the appraisel will be deducted from the proceeds and the sale of the property may not yield a very high return. Items of sentimental value will be sold. The bottom line is that refusal to co-operate will result in a diminished value of the estate. The family needs to meet and the realities must be understood and discussed by all. Perhaps the attorney who is handling the estate can act as the moderator or suggest a mediator who could act as a disinterested third party. However, everyone should keep in mind that the court appointed administrator can choose to go above the squabbling and divide the property as fairly as possible.
How long do siblings have to sort divide remove estate items from the estate house that was puchased by another sibling?
That would be up to the new owner of the property. You need to agree on a time frame for removal of personal property from the premises.
Is there a law preventing an executor from selling property if the beneficiaries do not agree with the sale?
There is no such law. The executor has the power, from the court, to settle the estate.
What if furniture and jewelry are not listed in a will?
If they are not specifically mentioned in the will, they pass pursuant to the residuary clause to the person/persons who get the residuary of the estate. These items are usually divided among the residuary beneficiaries as they may agree to do so. If they cannot agree, then the items are sold and the proceeds distributed equally.
Can a life estate owner sell the property in Florida?
In the case of a conventional life estate the life estate holder and the remainderman must both execute the deed if they agree to sell the property. See related question link.
You deeded your home to your children and retained a life estate can they sell the home if you agree and sign off?
Yes. If you join in the deed by signing it with language added that you are releasing your life estate the property can be sold free and clear of your life estate.
