How long does an executor have to pay beneficieries?

J

jake108

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I'm looking for some information on behalf of a friend. Here's the scenario. 4 siblings left a house to be sold and split 4 ways. House was valued at x amount. A very good offer well above asking price has been made on the house. Family agree to take the offer then 3 greedy siblings decide they want more so turn it down. Same 3 siblings want to wait to get every last cent out of the sale of the house, in their own words "as long as it takes". (They keep upping what they'll accept for the house). Remaining sibling (my friend) very happy to take the offer or be bought out by the other 3 (which they won't do). My friend fears that because the rest of the family are very comfortable and don't need the money, that they will wait a year or 2. My question is, how long can the family sit on this before the house has to be sold? Surely my friend has some rights in this? I know it's quite vague and I can give more information if needed. Any feedback would be greatly appreciated. Thanks.
 
Thanks Vanilla, I was hoping you would reply. You seem to give very sound advice. The executor and co-executor are 2 of the siblings. Unfortunately, not my friend!

Thanks again.
 
Its a difficult one. In very general terms executors have what we call the 'executors year' to sort matters out, but it can take longer- there is no absolute time limit- they really only have to sort out matters 'as soon as is reasonably practical' which depends very much on the circumstances of each case. Also the executor has a duty to get the best possible price for the house so one could take the view that that is what they are in effect doing. In any case one cannot take a case against an executor before 12 months expire. But after that taking a case is still going to be fraught with difficulty and expense. I'm sorry to say there is no easy answer here except to say that if the matter does drag on inordinately your friend should seek independant legal advice and possibly threaten an estate suit. At the very least a solicitors letter on your friends behalf might focus the mind of the executors, although it may do very little for family relations....
 
Thanks Vanilla. Yes we had heard it has to be left for a year before you could take legal action. I understand what you are saying about the executor getting the best possible price but in this case it's pure greed. (It's a known fact about these people. I could tell you horror stories!) Also she is meeting with her solicitor next week for further advice but as you say it is no easy matter. And as for family relations.. they don't exist with these people.

Thanks again Vanilla for your advice.
 
Also Vanilla, as house prices are shooting through the roof and an executor's duty is to get the best price possible, is there anything stopping an executor sitting on a sale for several years? It seems really unfair. As in my friends case, her family are all set up with mortgages paid and living comfortably. She, on the otherhand, has just bought her first home and is trying to get herself sorted financially. It's now that she needs the money not a year or two down the line. Just a thought.
 
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