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That is one of their duties, particularly if there are debts to be resolved. The court must approve the distribution and the values.
State laws vary. The executor must make certain they have the legal authority to sell the property. To sell real property in some jurisdictions, the executor must have that authority by Will or must obtain a license to sell from the court.
Children usually acquire an interest in real property only by inheritance.
Transferring title to real property to a child would actually complicate the title to the property and could result in legal costs down the road. A problem would arise if the property must be sold or if you decide to take the child's name "off" the property. At that time you will encounter legal difficulties.
Generally, if the property must be sold, a guardian would have to be appointed by a court to sell the property for the minor. Remember that the property will be considered the child's property. The guardian will need to obtain a license from the court to sell the property. The court will require the appointment of a 'guardian ad litem' who would review the proposed sale and report back to the court whether it is in the best interest of the child. All those appointees would need to be paid for their services. There would be court costs and attorney's fees if you need to hire an attorney. After the sale, the court would require that the proceeds be placed in trust on behalf of the child until they reach the age of eighteen.
In some states, a child can refuse the property when she comes of age and the conveyance could be voided. That might cause other problems.
If nothing will be done with the property until the child becomes an adult, and it's a friendly conveyance (not one carried out to defraud or to purposely encumber the title), then there is no prohibition against it in Massachusetts. However, if the conveyance is done to avoid creditors the court can void the conveyance and the creditors can seize the property.
There is one more factor to consider. Once the child becomes eighteen, they will become the legal owner able to manage the property on their own and the relationship may not be so friendly. They may refuse to convey the property back unless they receive compensation. Also, the property will become vulnerable to their creditors.
No. The minor should be represented by a conservator or Guardian Ad Litem approved or appointed by the probate court.
If the estate has to pay debts, they may have to liquidate assets. That includes items that were willed to others.
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Can an executor sell property owned by a minor in Tennessee?
No, an executor cannot sell property owned by a minor in Tennessee without proper authorization from the court or the minor's legal guardian. The sale would need to be approved by the court or the guardian to ensure the minor's best interests are protected.
Does executor have right to sell house if you own half?
If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.
Can the executor sell property without all beneficiaries approval in New York state?
No, the executor cannot sell property that is in a trust.First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.
Can executor pass responsibilities to attorney?
Yes. The executor can assign their rights to represent the estate by the appointment of an agent. That is frequently done when the deceased owned property in another state or when the appointed executor lives a distance from the court where the estate is filed.
What happens if your husband died and land you owned was only under his name?
After he died, the court-appointed estate administrator or executor (and probably an attorney) would determine who owned the property and who should receive it under interpretation of the will or the laws of intestacy, after satisfaction of other obligations, and subject to court approval. The spouse will typically get all the property from the deceased, though if there are minor children it may be split out. The spouse usually has Homestead or Dower rights in the property.
Can the executor of a living trust refuse to pay money to beneficiaries even though all debt has been paid and there is still property to be sold?
A trustee manages the property in the trust. An executor manages the property owned by a decedent at the time of their death. You need to review the trust document to determine what the trustee must do with the trust property now that the settlor has died.
Can Estate letters of testamentary be used in different states?
No. If the decedent owned property in another state the executor must request Letters Testamentary in that state.
Is a house considered joint marital property in West Virginia if only the husband's name is on the deed?
West Virginia is a separate property state. A husband or wife can hold solely owned property. If the property was acquired during the marriage a judge may take the property into consideration during the distribution of marital assets pursuant to a divorce. It depends on the situation.West Virginia is a separate property state. A husband or wife can hold solely owned property. If the property was acquired during the marriage a judge may take the property into consideration during the distribution of marital assets pursuant to a divorce. It depends on the situation.West Virginia is a separate property state. A husband or wife can hold solely owned property. If the property was acquired during the marriage a judge may take the property into consideration during the distribution of marital assets pursuant to a divorce. It depends on the situation.West Virginia is a separate property state. A husband or wife can hold solely owned property. If the property was acquired during the marriage a judge may take the property into consideration during the distribution of marital assets pursuant to a divorce. It depends on the situation.
Can the executor on an estate sell himself property owned by the estate with a demand promissory note?
They must pay a fair market price for the property. The demand note will have to be resolved before the court will close the estate.
In California does the executor have to be appointed by the court even if the trust states who the executor is?
In California, if the trust clearly designates an executor, the court generally does not need to appoint one. However, in some situations, such as disputes or issues with the designated executor, the court may become involved. It is advisable to consult with a legal professional to ensure that all requirements are met.
Can a Mississippi State Tax lien be applied to property owned in Virginia?
No, it can not. A Mississippi state tax lien only affects property owned in Mississippi. It will stay on your credit report for a long time though but it can't be enforced or collected if you don't own property in misssissippi.
My father died in 2003 and named a son as executor. Can his surviving spouse transfer ownership of their home to only one son and remove other son as a beneficary after her death?
If the property was owned by the parents with a right of survivorship then title passed automatically to the surviving spouse bypassing probate. In that case the property is the sole property of the surviving spouse. She can convey it to anyone she chooses or she can leave it in her will to whoever she chooses. That property is not under the control of the executor.
