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Can I insist property is sold?

Re: Can I insist property is sold?

Postby 3.14 » Sat Mar 18, 2017 9:02 pm

https://www.thegazette.co.uk/wills-and- ... ent/100321

What does the role of an executor entail?

The executor’s duties are defined by what is known as the executor’s oath. This is set out within Section 25 of the Administration of Estates Act 1925, and confirms that the executor is to:

Collect and get in the real and personal estate of the deceased, and administer it according to law.
When required to do so by the court, exhibit on oath in the court a full inventory of the estate, and when so required, render an account of the administration of the estate to the court.
When required to do so by the high court, deliver up the grant of probate or administration.
When you pass away, your property immediately vests in your executors. However, executors should generally not act until a grant of probate has been obtained, as this is when their authority to act becomes official.

Usually, a grant of probate will be needed when the value of the estate (after paying the funeral account) is over £5,000. In any event, many banks and building societies have their own discretionary limit as to when they require a grant of probate, and in most circumstances, it will be necessary and prudent to extract a grant.

Practically, the duties of an executor include:

checking and understanding the will
making funeral arrangements
completing an application for a grant of probate
arranging immediate funds for survivors
preparing a complete list of the deceased’s assets and liabilities, as well as their value, at time of death
arranging appropriate insurance
advertising for creditors in a local newspaper and The Gazette
paying inheritance, income and capital gains tax
collecting in assets
paying liabilities and expenses
paying legacies
distributing the residuary estate
preparing an estate account
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Re: Can I insist property is sold?

Postby royw » Sat Mar 18, 2017 9:36 pm

I still have nothing that says "you will sell the property and distribute the proceeds"!
One executor is an aging relative who knows little of probate law, the other is a solicitor whose sole purpose seems to be to spin it out to make her bill as big as possible. She is talking of passing the property over to us. As we will never agree what to do with it we will be the same impasse in 20 years time (except the solicitor will have sold it by then to pay herself). I need something I can take to them both that says "you will sell the property and distribute the proceeds". Where do I find this?
From the post above "distributing the residuary estate" could mean sign it over to the beneficieries rather than sell it.
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Re: Can I insist property is sold?

Postby dls » Sun Mar 19, 2017 12:24 pm

Where do I find this?


You have been told - the executors oath.
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Re: Can I insist property is sold?

Postby royw » Sun Mar 19, 2017 1:23 pm

"You have been told - the executors oath."
I might be being a bit thick here but I can't see how this helps. Relevant phrase (as far as I can see) is "(i) collect, get in and administer according to the law the real and personal estate of the said deceased;"
Can you explain how this can be interprted as "you will sell the property and distribute the proceeds"?
I think it is the law that it refers to that I need to see and I was hoping someone would be able to tell me where I find it. There is a website legislation.gov.uk that seems hopeful but without knowing what to search for I have been unable to find it.
Am I actually right that they do have to sell it? Or just distribute the proceeds which could mean half a house each?
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Re: Can I insist property is sold?

Postby 3.14 » Sun Mar 19, 2017 1:32 pm

Section 25 of the Administration of Estates Act 1925 wrote:25 Duty of personal representatives.
The personal representative of a deceased person shall be under a duty to—
(a)collect and get in the real and personal estate of the deceased and administer it according to law;
(b)when required to do so by the court, exhibit on oath in the court a full inventory of the estate and when so required render an account of the administration of the estate to the court;
(c)when required to do so by the High Court, deliver up the grant of probate or administration to that court.]


http://www.legislation.gov.uk/ukpga/Geo5/15-16/23
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Re: Can I insist property is sold?

Postby royw » Sun Mar 19, 2017 9:22 pm

"... according to law"
Where do I find the law??
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Re: Can I insist property is sold?

Postby dls » Sun Mar 19, 2017 9:51 pm

collect and get in the real and personal estate of the deceased


There.
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Re: Can I insist property is sold?

Postby atticus » Mon Mar 20, 2017 7:03 am

Isn't the OP asking how this means that the assets in the estate must be sold? No one is helping him here.
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Re: Can I insist property is sold?

Postby dls » Mon Mar 20, 2017 4:28 pm

THe executors job is to collect get in and adminsiter te assets.
First, he seciures control (title and keys)
Ten he pays debts - selling what is need to pay them.
Then if 'I give my house to A and B' then it is transferred in specie.

If the house falls into residue then in law it is teated as its value. 'get in' means (generally) the transformation of that land into cash.

An executor can offer the house as part of the satisfaction of the debt to the residuaries, but he cannot arbitrarily insist that it be taken in specie. How is he to apportion it between any two of the benefiaries and at what vaue. He cannot create a partnership between benefiaries. His duty is to transform it into cash (sell it) and distribute accordingly.
The law is not very effective at pushing executors as to any particular time for completion of the administration of the estate, and there are very regularly issues unknown to anyone else which can delay the administration.

This is about duties and powers.
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Re: Can I insist property is sold?

Postby royw » Wed Mar 22, 2017 10:23 pm

Thank you Atticus, that is exactly what I was asking.
The house falls into the residue of the estate which the will says is to by divided equally between myself and one other.
From dls's reply - "His duty is to transform it into cash (sell it) and distribute accordingly." - what I'm looking for is something in law that says it must be transformed into cash. Does this exist? I have tried to find it on legislation.gov.uk but I don't know what I need to put in the search.
Executors are frightened of being sued for not obtaining 'best value' so their solution is to divide it by transferring it to us in equal shares.
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