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Can an executor sell a house left to a beneficiary?
Yes. An executor can sell a property without the approval of all beneficiaries. The will doesn’t have specific provisions that require beneficiaries to approve how the assets will be administered. However, they should consult with beneficiaries about how to share the estate.
What happens if a beneficiary of a will is under 18?
A beneficiary of an estate can be a minor; however, the minor is not entitled to receive the gift or share of the estate until they reach the age of 18 years old. Until a beneficiary is 18 years old, the funds or assets due to them will be held on trust by trustees named in the will.
What happens when a minor receives an inheritance?
If those children are still minors (under the age of 18 years) then they cannot inherit until they reach that age. The executor of your Will will hold the inheritance for your children until they reach the age your have determined they should inherit.
Does an executor of a will have to be over 18?
Anyone aged 18 or above can be an executor of your will. There’s no rule against people named in your will as beneficiaries being your executors. Many people choose their spouse or civil partner, or their children, to be an executor. Up to four executors can act at a time, but they all have to act jointly.
Can a child under 18 inherit property?
A child is not able to inherit under your Will until they are legally old enough to receive the funds. Until that point, their inheritance is looked after by whoever you appoint to keep the money safe (‘your Trustees’). A Trust for a minor beneficiary arises when a person under 18 inherits under a Will.
What can an executor do if there is no will?
If the recently deceased person didn’t create a will or the remaining family members can’t find one, it may be possible for an executor to buy shares of property from other beneficiaries rather than sell the home of the deceased. The executor would also be a beneficiary in this case.
What happens to the house when the executor sells it?
If there are any encumbrances on the property, these are satisfied at closing, such as property taxes or a mortgage. Unless otherwise instructed, the sale proceeds can be used to pay valid claims against the estate. If the home is sold, the personal representative or executor is responsible for distributing the home to beneficiaries.
Can a beneficiary object to an executor’s sale?
The beneficiaries objected to the transaction and the court ordered the executor to return the loss back to the estate. Call a probate lawyer instantly if an executor is engaging in fraud or self-interest.
What can an executor do to reduce the inheritance?
This would reduce the inheritance paid to the executor and beneficiary according to his or her share of the parents’ home. When no beneficiaries want to reside in the inherited piece of real estate, the executor must list the property for sale at fair market value.