I've never seen the will thoughIt would really depend on the wording of the will.
If the will said ~the house should be sold but doesn’t state by who well yes they could buy it once a fair market value is met.
Perhaps get 3 separate valuations done on the property and go with the middle of all 3.
The Executor is bound to obtain the best price possible. The valuation as date of death is irrelevant. It’s the valuation as at the date of sale that counts. (My above post has been amended to reflect this)valuation price of a property at time of death and buy it, irrespective of the current value? What if the current value if significantly higher?
Couldn’t the Executor advise the estate agent doing the valuation of his intentions and perhaps get a lower valuation too suit his/her needs ?The Executor is bound to obtain the best price possible. The valuation as date of death is irrelevant. It’s the valuation as at the date of sale that counts. (My above post has been amended to reflect this)
Do the beneficiaries have a right to contest the transfer / sale?
Just an addendum to this. The executors have decided to push on with a transfer at date of death value and not place property on the market. I've now engaged a solicitor and they're biding their time before intervening/injuncting
And doesn't the executor have a duty to ensure that the value of assets in the estate is maximised? The executor buying at a potentially discounted value sounds, at the very least, like a conflict of interests. But I am not a lawyer.The beneficiaries have a right to ensure that the sale was for the full market value.
And doesn't the executor have a duty to ensure that the value of assets in the estate is maximised? The executor buying at a potentially discounted value sounds, at the very least, like a conflict of interests. But I am not a lawyer.
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