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Can An Executor Be Be Prevented For Selling An Asset That Is Undervalued
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can an executor be be prevented for selling an asset that is undervalued
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I would say no, but clearly an executor has a duty to obtain fair value for the assets.
If an asset is bequeathed to a single person, then rather than selling the item, it could be given to the person to do with as they please.
But imagine you are tasked with selling a property and sharing the proceeds as directed by the Will. You sell the property to your mate for £1 and share out the £1. In such a case I would expect that the beneficiaries would bring a successful case of fraud against you. But say you sold the property at £20k under market value; it would be much harder for the beneficiaries to bring a successful action for fraud/loss.
If the question relates to a real situation, I would discuss the value of the asset with the beneficiaries to try and avoid any such disputes over the value.
If an asset is bequeathed to a single person, then rather than selling the item, it could be given to the person to do with as they please.
But imagine you are tasked with selling a property and sharing the proceeds as directed by the Will. You sell the property to your mate for £1 and share out the £1. In such a case I would expect that the beneficiaries would bring a successful case of fraud against you. But say you sold the property at £20k under market value; it would be much harder for the beneficiaries to bring a successful action for fraud/loss.
If the question relates to a real situation, I would discuss the value of the asset with the beneficiaries to try and avoid any such disputes over the value.
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