The executor has the Letter of Authority to conduct the sale. No one else has to be involved.
No. An executor is the person who has been officially appointed to settle the estate. The executor does not answer to the heirs and they do not direct the actions taken by the executor. They do not need the permission or involvement of the heirs. Although the executor may, at their discretion, encourage the interested parties to express an opinion regarding the sale, the executor has the legal power and authority to make the final decision.
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.
If the executor is acting in bad faith, certainly an heir could sue him for that.
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.
It will depend on the complexity of the estate. There is no time limit on the execution of the estate.
Yes, all heirs typically need to agree to the sale of property when there is no will. Each heir has a legal right to inherit a portion of the property, so their consent is usually required for any decision regarding the sale of the property. If an agreement cannot be reached, a court may need to be involved to determine the outcome.
Yes, the proceeds of the sale must be used to resolve the claims against the estate, including the cost of the executor.
An executor who is not benificiary, is he has apower to sale immovanle property?
Most Executors want to get the property sold as soon as possible and it depends on the Heirs. They have a right to say whether one of them wants to buy the home or property, or if they want it sold or not. E.g. There are 3 Heirs and 2 out 3 agree that they want to sell the property. The property MUST be sold. You usually can have it sold within the year, but, if the house or property has some difficulties attached to it or is a (hard sell) it can lapse over a year. Marcy * There are not laws in the U.S. which designate how long a named executor has to liquidate exempted property after closure of probate.
Yes, the executor has the authority to manage and oversee the sale of a house in a deceased estate. The executor is responsible for handling the deceased person's assets, including the sale of property, according to the terms of the will or state laws if there is no will. The executor must act in the best interest of the estate and its beneficiaries.
Executors must be appointed by the court and then perform their duties under the supervision of the court. You need to appeal to the court for a ruling if the two of you have equal power and cannot agree. You must state all the pertinent facts in a motion and the reason the sale of the real estate would be in the best interest of the heirs. The court will issue an order that must be followed. On the other hand, if one of the heirs wants to keep the property they must buy out the interests of the other heirs.