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If an executor sells property that was left to particular heirs who gets the proceeds?
This will depend on whether the estate is solvent or insolvent. In a solvent estate, when a specifically devised asset is sold, the proceeds of the sale go to the named beneficiary. This assumes that the beneficiary consents to the sale of the asset, because a specifically devised asset must be given to that beneficiary unless that beneficiary consents. An executor who sells such an asset without consent could be sued for damages. In an insolvent estate, if specifically devised property is sold because there is not enough cash in the estate to pay all debts, then some or all of the proceeds of sale will go into the estate to pay those debts, with any remaining amount, if any, going to the named beneficiary.
What else can I help you with?
What if the executor does not want to sell a house in the will?
There is no problem if the debts of the estate have been paid and the executor is the sole heir. However, if there are other heirs who want to sell the property and take their share of the proceeds the executor must buy out the interests of the other heirs. Otherwise, the heirs are entitled to a sale of the property and can file a petition for partition if the executor will not act.
Does executor of a will has to find unknown property of testator?
The executor must make a reasonable and diligent search for property. They cannot be "required" to find unknown property. The heirs and relatives should assist by notifying the executor of any property they have knowledge of.
Can an Executor of a will collect money from the sale of the deceased's home in South Carolina?
Yes, that is one of the primary functions of the executor, to liquidate indivisible assets so that the proceeds from the estate can be distributed to the heirs.
Can an executor of an estate remove heirs from a property that is designated to be sold in the will if those heirs have paid the property taxes?
Yes, if the property was owned by the decedent and the Will provides that it be sold. In that case, the executor must carry out the provisions in the Will unless the provision is changed by a court order. It is assumed that there are other heirs besides the ones who paid the taxes on that property. The heirs who paid the taxes can file a claim against the estate for the amount they paid in taxes and they can offer to buy the property from the estate if they wish to keep it. They should speak with the attorney who is handling the estate.
Does the executor of the will have the right to rent the property to a 3rd party without all heirs concent?
The executor has the duty to preserve the estate in all aspects, including making money for it. The heirs' consent is not necessary.
Can an executor live in estate property and over ride wishes of other executor who wants to sell?
When heirs have a disagreement over whether to sell the property either has the right to seek partition in the probate court. The court will appoint a commissioner and the property will be sold with the net proceeds split between the heirs equally. The associated costs are high. Otherwise, if one wants to keep the property they must buy the other owner's interest. They should have the property evaluated and make a fair offer.
How long can an executor of an estate hold on to proceeds from sales of home before he must distribute to heirs of will?
He must distribute the proceeds as soon as possible after all the debts of the estate have been paid. If he does not act with expediency the heirs can file a complaint and seek a court order,
Are all heirs responsible for taking care of property?
Normally yes all heirs are responsiably, unless one of them is appointed the executor the estate.
What can you do when all heirs to an estate are willing to sell the property except for one and he is the executor of the estate?
The executor is the person responsible for the estate. That includes making sure the property is sold for a proper amount.
When does the executor distribute funds from a probated will?
The executor of a probated will should distribute the proceeds of the will after it is settled in probate court. Some states have laws in place that state a certain time limit for the funds to be issued to heirs.
Does a majority vote of heirs in an estate override an executor?
No. Not unless that power was granted in the Will. Otherwise, an executor is appointed in an estate in order to avoid such types of interference by the heirs. The court appointed executor has the legal authority to carry out the provisions in the Will and according to the probate laws for any property not mentioned in the Will. The heirs generally have no say in those matters.
What if an heir doesn't want any part of the property proceeds?
They can decline it. It will be distributed across the other heirs.
