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What should you do if you're the executor of your mother's will and herhoseappraisal is 118000 and yo want to buy it for the appraisal value and siblings don't want to sell it?
Wiki User
∙ 9y ago
There are only two choices here. One is to buy it from the estate for the fair market value. The other is to sell it and split the money. The other beneficiaries don't get a choice in the matter.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoUnless you were given the authority in the Will to sell the real estate at your own discretion then you need a court judgment allowing the sale. You and your two brothers are assumed to have inherited equal shares in the property. You need a court order to force the sale of their interests. You can try to petition the probate court to review the matter and issue a ruling. However, the court may require you to file a separate lawsuit known as a partition.
When land is under co-ownership of two or more people who cannot agree on what to do with the land, any owner can file a Petition to Partition in the appropriate court. The court has the power to order a sale. The court would appoint a commissioner to sell the property. The commissioner would hire a real estate company to market the property. There would be lawyer's fees, court costs, commissioner's fees and of course, the agent's commission. Those costs add up quickly. The net proceeds are divided equally after those costs and expenses of the partition have been deducted from the proceeds of the sale.
Since the costs of filing a Petition to Partition are high your brothers may be receptive to selling their interests once they know that you can ask the court to sell the property. They may also be receptive to a fair offer on your part since you now know the costs would be high to force a sale. You didn't mention the type of appraisal you have referred to in your question. Some appraisals are reported on the low end for probate inventory purposes. You need an independent fair market appraisal on which to base your offer. If you have further questions you should consult with an attorney who specializes in real estate law.
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Your Husband was executor of his Mothers will he died who is the executor now?
Whomever applies to the court to replace him.
Can a executor be the sole beneficiary of mothers will in Massachusetts?
As long as the will was properly drafted and is allowed by the court the executor and the beneficiary can be the same person.
What if the father IS NOT the executor in the mothers will?
Then someone else is and must follow the wishes of the deceased.
If my mother had a judgment against me and now she is deceased and you are the executor does the judgment have to be paid?
Executors do have certain powers/abilities. The naming of an executor for my mothers will almost tore our family up. A brother-in-law was asking the lawyer about the 15% rule in KY. Needless to say, my sister was not named executor. Given my experience, I would say you wouldn't have to pay, but if your siblings (or other beneficiaries) were aware of the judgement, they could sue.
Mothers and older siblings teach their younger siblings differently why?
so they can act different
Can brother executor prevent sibling from living in mothers home while she is still living?
The executor has no power while the person is living. Until they are appointed by the court, they have no power.
If your the executor of a will and you find the bank account has Pay upon death on it and it is not the executor who pays taxes on that?
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
Can your sister who is listed as an executor along with you also as an executor try to have you removed as an executor on your mothers will?
Yes, she can petition the court to be the sole executor. If there is conflict, the court may very well appoint a third party, a bank or attorney, without a vested interest in the estate. This typically costs the estate money in the form of compensation to the executor.
Can a co-independent executor lease a property by themselves?
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.
Are you able to draw money from your deceased mothers estate before probate is complete?
The executor is capable of doing so. As long as it is obvious that all the debts can be resolved, the executor can make distributions.
What can I do if the executor won't settle my mothers estate in California?
You can go to the judge or a lawyer and ask to be co executor or to require that the estate be settled. Wills and trusts can be broken, you just have to consult the right person.
Are you obligated to pay your deceased mothers IRS taxes if you are her executor?
You are not personally responsible for them, they will be paid from her estate. It is your responsibility to see that is done.
