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Can one of two executors purchase the home and land from the beneficiaries with his inheritance before the estate is settled?
Wiki User
∙ 12y ago
Yes, the administrator of an estate may purchase a home from the estate; however, that type of transaction is inherently a conflict of interest and would have to be approved by all beneficiaries having an interest in the property or by the probate court. Obviously a person buying a house wants to pay as little as possible to buy a house; but, the administrator has a fiduciary duty to receive as much as possible when selling the house. Usually, the administrator gets the consent of all beneficiaries to the transaction. They agree in advance that the sale price is satisfactory and that they have no objection to the administrator buying the house at that price. Sometimes administrators are required to apply to the probate court for the authority to sell the house and for permission to buy it. The administrator would have to prove to the court that the transaction is fair and above board. The beneficiaries would have an opportunity to raise objections if they object to the purchase price. If the administrator has no ownership interest in the property, he cannot force the beneficiaries to sell the house to him/her.
Wiki User
∙ 15y ago
Wiki User
∙ 10y agoIf the property is being placed on the market then yes. In some cases some arrangements can be made that a beneficiary's inheritance be offset to be reduced to cover some of the expense of purchase of the home. Also remember a beneficiary is entitled to their portion of the sales proceeds that can also be used to reduce the cost of the property.
Wiki User
∙ 12y agoIt is certainly possible to set it up and do so as part of the settling of the estate.
Wiki User
∙ 11y agoYes, an administrator may buy things from the estate. They must pay a fair market price for the item.
Wiki User
∙ 8y agoYes, with the proper authority. That is one of the main responsibilities of an estate administrator.
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What is the possessive of beneficiary?
The possessive form for the noun beneficiary is beneficiary's.
Can executor sell house against beneficiaries will?
As long as the court agrees, yes they can. The beneficiaries cannot prevent the estate from being settled.
Does the executor of an estate have to pay the debts of a beneficery with the inheritance of that beneficery or can he just distribute the inherintace an let the beneficery be responsible for paying?
The executor distributes the money to the beneficiaries after the estate's debts have been settled to the satisfaction of the court. Each beneficiary is responsible for what they do with the money. There is no requirement, and it would be detrimental, for the executor to play bookkeeper and accountant and pay of the debts of the beneficiaries of the estate.
Who pays for tax liens on a Estate inheritance?
There wouldn't normally be liens on the inheritance...but on the assets in the estate, which can't be distributed and become an inheritance until they are settled by the estate.
Who is first in inheritance step daughter or a niece?
This case can specifically be settled by the family
Can 1 executor refuse to release cash until other executor agrees to what he wants to do with property?
When there are co-executors of an estate one has no superior rights over the other. If they cannot agree then the conflict needs to be presented to the court for a solution. The beneficiaries have the right to expect that the estate be settled with expediency. An executor who is holding up the process can be removed by a petition filed by the heirs or the other executor.
What types of companies do inheritance funding?
Inheritance funding companies are very similar to places like Cash America and payday loans. They front you the cash on your inheritance before it is settled. Inheritance Funding Company is the name of one of the companies. Read more at http://www.inheritancefunding.com/inheritance-advance-inheritance-loans/.
How was Montana settled and when?
Montana was settled in 1803 because of the Louisiana Purchase
Parents estate was posted and settled 3yrs ago. Creditor now wants money.?
Depending on the jurisdiction, the executors might be liable. I would urge legal advice.
How old must you be to claim inheritance under 1000 in the state of Ohio?
An inheritance is paid as soon as the estate has been settled. If you inherited as a minor and the money was put in trust for you, you can claim it at age eighteen.
Are adult children responsible for paying foreclosure debts of deceased parents?
In most cases, adult children are not personally responsible for paying the foreclosure debts of their deceased parents. Debts of the deceased are typically settled using the assets within their estate before any inheritance is distributed to beneficiaries. However, it is advisable to consult with a legal professional to understand the specific obligations in your jurisdiction.
Pertaining to a will what does pro bated mean?
Before the estate comprising a will can be passed on as set out in the will (by the executor) the exact size of the estate has to be recorded, all bills settled and all taxes due on the estate have to be payed (income tax and inheritance tax). The will (and proof that this has been done) has then to be presented to a probate court (which will keep the original will as a public record) which grants probate on the will. The probate is a document from the court formally authorizing the executor to sell property, transfer assets etc as set out in the will. The probate document is sent, along with the executors instructions to the organizations holding the assets. Without the probate document the organizations can not legally act on the executors instructions.
