There are 3 daughters. Mom passes and leaves 2 of them as executors. Estate to be divided 3 ways. I receive the Listing. One of the executors now decides she wants to buy it from the other 2 daughters.
She does not get along with the other 2 daughters. They very reluctantly agreed to let her purchase with the idea that I still get my commission.
Daughter wanting to buy is now stalling with lawyer and mortgage broker. The other two daughters just want the place sold, their money in their accounts and to get on with their summer. So the questions:
If one executor wants to sell and get her money out of it and the other decides to tie everything up under the guise that she wants to purchase it, who gets their way?
Is there any legal obligation to the beneficiaries of the estate to have it wrapped up within a particular time frame?
The mother died June of last year. Two of the three want this transaction completed. The problem is that the one who wants to buy is one of the executors.
- The first issue is the Estate Trustee appointment. Is it two people, both to sign? Two people, A to sign, failing which B will sign? The appointment could be either, the Will itself will have dealt with this issue. Generally, it will be both.
- There is an Estate Administration year, formerly, the “executor’s year”. Basically, that means that an Estate Trustee will have one year to deal with the estate before anyone can make application to Court to speed things up. So, you are probably right at the relevant time about now.
- Ultimately, if we have a stalemate that is unresolved, then the Court will decide. Rarely, do matters ever get that far since most people come to their senses and effect some sort of compromise.
Brian Madigan LL.B., Broker