Can an Executor of a Will sell property without all beneficiaries approving?
In basic terms, an Executor can sell property without the approval of all beneficiaries, but ultimately they have a legal duty bound by the Will to act in the best interests of all beneficiaries
If the Will is specific about how the property must be sold then the Executor must follow these instructions. For example, the Will may specify that the property needs to be sold to a family.
If there are no specific instructions, then the Executor must try to abide by the general wishes of the deceased and to the benefit of all beneficiaries.
They should obtain a fair market value for the property and not sell cheaply. Any loss of potential profit ma have to be funded by the Executor. This could be seen as the Executor denying the beneficiaries their true inheritance and they may have to make up the shortfall.
If there is disagreement between beneficiaries as to how the property is being sold, then legal advice may need to be sought.
Ultimately, the Executor is responsible for ensuring that the property is sold in a way that is fair and reasonable to all beneficiaries.
How long does an Executor have to sell property?
There is no fixed time frame – there are many factors that may delay a sale such as market conditions or the condition of the property.
However, as a general rule, the Executor should act as quickly as possible in order that the beneficiaries can benefit in a timely manner.
In some cases, the Executor may need to obtain the Grant of Representation before they can sell the property. The process of obtaining a Grant of Representation can take several months, and this may delay the sale of the property.
The Executor should keep the beneficiaries up to date as to the progress of the sale and not hide anything from the beneficiaries.
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