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Can an executor buy family home at full price if they are also a beneficiary if 3 out of 4 beneficiaries agree?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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Must all beneficiaries agree to new executor before he can be appointed?
No, beneficiaries do not have to agree on the appointment of an executor. The court makes the appointment. If the family doesn't want someone appointed, the court will likely assign the duties to an attorney or bank.
Can a beneficiary use property as collateral if other beneficiaries don't agree?
The executor is the only one that can use it for collateral. It is a big risk, but some will be willing to loan money on probate.
Can the executor of estate take ownership of home in MI probate if all heirs agree can you do quit claim deed to executor when deceased grandma only person on deed?
If the beneficiaries are in agreement and there are no debts remaining, yes. The estate can quit claim to the beneficiary.
Can the Executor of a will change what a beneficiary gets?
Assuming all creditors are paid, the beneficiaries can agree to a different distribution (as long as they are all adults), but they aren't really "changing the will."
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.
Can a policyowner change beneficiaries if it is irrevocable?
No. In Canada, the irrevocable beneficiary must agree to any beneficiary change being requested by the owner, should the change being requested, change the entitlement of the irrevocable beneficiaries.
What happens when a beneficiary of a will dies before his or her share of the inheritance can be distributed?
If there are no stipulations in the will as to what should be done in the event one of the beneficiaries should die, then the state probate succession laws apply. The executor should contact the probate court for instructions as to the manner in which the deceased beneficiary's share of the estate is to be distributed.
Can an executor choose not to make a disbursement to an heir if they themselves are an heir and take a disbursement from the estate?
They must follow the distribution plan as provided in the will or by the law of the state. They cannot favor one beneficiary over another unless the beneficiaries agree. An executor is entitled to be compensated for their work, but they must have the approval of the court on the distribution.
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.
Can beneficiaries of a will agree to take inheritances?
Yes, beneficiaries of a will can agree to take inheritances. This is often done through a process called a family settlement agreement or a deed of variation. Such agreements must comply with legal requirements and be recorded properly to be valid.
Can the beneficiaries appoint a third executor when co-executors can't agree?
No. An executor must be appointed by a court. Even if named in a will an executor has no legal power or authority until they have been appointed by the court. The will must be submitted for probate and the court must appoint the executor.
Can a vehicle in an estate be taken to a dealership if all heirs do not agree?
The executor determines what will occur. While they will normally attempt to agree with the wishes of the beneficiaries, they are responsible for resolving the estate and its debts.
