Legal Question in Real Estate Law in Florida
undivided property
as an administrator of the undivided property of my parents whom has died , can in use the property to borrow money from the bank without the approval of the other beneficiaries ?
2 Answers from Attorneys
Re: undivided property
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further. Similar questions like this have been asked repeatedly.
The property belongs to the beneficiaries and not to the personal representative (what you call the administrator) of the estate. You will only be allowed to borrow monies for the benefit of the estate and generally only with the approval of the Court - even if the will provides those powers to you.
Scott R. Jay, Esq.
Re: undivided property
No. Without a will , your sole function is to marshal the assets and distribute them to the beneficiaries.
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