Executors And Beneficiaries

[Kassee]

There are four children (all adult) beneficiaries to a will, two of the children are executors as well. The main asset is the family home which has been put up for sale. What happens if the beneficiaries dont agree with what the executors are doing. Is there anything they can do about it.

[woofgang]

take legal advice.

[Kassee]

will that be expensive ?

[boxtops]

Do the beneficiaries have an alternative proposal? It is the role of the executors to dispose of the estate. Is a solicitor involved?

[woofgang]

golly is this still going on?
http://www.theanswerbank.co.uk/Law/Question1326634.html

[Kassee]

No solicitor. One executor wants to buy the house at a reduced rate.

[boxtops]

well spotted woofgang - kassee, have you not sought legal advice in the 3 months since you last posted this question?

[Kassee]

Yep, still going on. House went up for sale, but sale fell through. so now we are back to this again

[boxtops]

So - see a solicitor. See what you can do about it.

[murraymints]

I would get in estate agent toassess true market value then offer house at that..get the other two on side !

[VHG]

Tell the executor who wants to buy the house at a reduced rate they have to buy it at the full market value.

If they get the house cheap they are stealing money from you.

[kvalidir]

You can apply to the court to get someone removed as an executor but there are special circumstances for doing it and there have to be very exact reasons, however trying to buy the house at under market value will certainly be one of them.

[Barmaid]

Kvalidir is right, but I wouldnt go down that route.

If an executor wants to purchase from the estate he is in breach of the self dealing rule. He cannot purchase unless all the beneficiaries consent or the Court does.

This is a tricky area of the law and I would suggest you take independent advice from a specialist. Try and avoid a Court case if you can, it's going to be pricy.