The executor IS the owner of the property, for the purpose of probate.
The executor of an estate always has the ability to sell property if allowed by the will. As long as the court agrees, the desires of the beneficiaries is secondary.
The beneficiaries don't get to make the determination. As long as the court is satisfied, the executor can do so.
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
There is no such law. The executor has the power, from the court, to settle the estate.
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.
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.
The exector's responsibility to the estate, not the beneficiaries. They are accountable to the court for executing the will and the laws.
The beneficiaries do not have the ability to transfer property. The executor can deed the property to whomever it is being sold or distributed to. The executor can also transfer the deed to the estate while determining disposition.
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.
Yes, they can ask them to move out. The property belongs to the estate. The executor can sell the property or transfer its ownership as directed by the will or the court.
I am a joint executor of a property that has been left to me and my sister in our mothers will. Are we qualified to rent out this property on lease, without the need to transfer ownership.
Yes, the only approval necessary is the court's.