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Executor duties

Executor duties

Postby iwanttoaskaquestion » Tue Mar 21, 2017 10:34 pm

If an executor has a major interest/share in a Property that is a part of the Estate they are
acting as Executor for, does their Duty as Executor "trump" their personal interest/share
in the property ?.

Thanks
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Re: Executor duties

Postby miner » Wed Mar 22, 2017 1:18 am

No. It shouldn't, anyway.
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Re: Executor duties

Postby dls » Wed Mar 22, 2017 5:44 am

The executor acts as trustee in respect of the share of the property held as such. As trustee he has legal obligations which do not apply to his own ownership. He can be legally controlled as to the exercise of those duties.
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Re: Executor duties

Postby iwanttoaskaquestion » Thu Mar 30, 2017 7:34 pm

Thank you. OK so let's say the Executor SAYS that she obtained a valuation of say £200,000 BUT an Estate Agent asked by one of the Beneficiaries says it is worth £300,000 CAN the Executor sell the house for £200,000 ?. Seperate to her status as Executor she has a 40% ownership of the house . Can the Beneficiaries make sure it is sold in open market to ensure maximum obtained ?. I should also add that She has offered to buy out the Beneficiaries so that SHE (the Executor) owns the house completely but only at the £200,000 valuation
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Re: Executor duties

Postby dls » Fri Mar 31, 2017 5:09 am

The beneficiaries have no duty to agree to a purchase by the trustee. A trustee would be at risk of a challenge buying without such clear consent.

Valuations will differ, and sometimes substantially. An agent valuing property for IHT purposes may value something rather low, and an agent wanting to get the business of selling it may overvalue it.

The dispute can be resolved fairly easily by the property being sold at a proper auction. That is what should happen.
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Re: Executor duties

Postby iwanttoaskaquestion » Fri Mar 31, 2017 8:51 am

Thank you David ,much appreciated.
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