Executor conflict

J

john luc

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A farming family member has recently died and they have 2 executer's for their will. One of the executer's currently leases the farm from the deceased but has allowed the rental due to fall into arrears. Is this a conflict and how best is it to be resolved.
 
Very clear conflict IMO. One of the duties of an executor is to gather in all the assets of the deceased, including monies due to the estate, some of which appears to be his own debt.
 
mathepac said:
Very clear conflict IMO. One of the duties of an executor is to gather in all the assets of the deceased, including monies due to the estate, some of which appears to be his own debt.
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I feel that in view of the circumstances this is a situation where you should seek legal advice. You will probably have to do so anyway at some stage so why not do it now?
 
trojan said:
I feel that in view of the circumstances this is a situation where you should seek legal advice. You will probably have to do so anyway at some stage so why not do it now?
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There is a solicitor involved for processing the estate and she is going to meet with the executers soon. She is aware that the land is leased by the executer in question but until the accountant is asked she is not aware that the rents are in arrears.
 
Of course, seek legal advice, but...

I don't see why it's such a big issue, if he is a beneficiary. The rent due would simply be deducted from his share of the estate.


Brendan
 
Brendan Burgess said:
Of course, seek legal advice, but...

I don't see why it's such a big issue, if he is a beneficiary. The rent due would simply be deducted from his share of the estate.


Brendan
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Yes he is a beneficiary too. There is no ill feeling and he is a relative. I would agree that a + and - balancing can be done when the time comes to distribute the assets of the estate but I was concerned that this might not be acceptable in regards to the legal way an estate is dealt with.
 
An update to this is now the executer who currently rents the land wishes to purchase the land. This would be preferable as it keeps continuity but not sure what the position of the executer should be in this situation.
 
Put the land up for sale to determine it's market value... the highest offer received is it's market value. Executor should then be allowed to buy at highest offer + €1, plus rent's due etc.
 
I've seen this before. Executor believes the land is his anyway so he stops paying rent.
There will be no other offers on the land as everyone in the locality knows it his "his land anyway " and won't bid on it.
So you won't find a market value unless you find a bidder from outside the locality or create another bidder.
He should have been told to continue to pay rent from the outset to set him thinking straight about his duty as an executor.
 
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