Legal Question in Wills and Trusts in Georgia
Executor Responsibility
I am a 25% beneficiary of a house left by my deceased parents. My uncle is the executor. The house has been appraised at $70,000. My uncle wants to sell the house to another relative. If he (the executor), decides to sell the house at a large discount, $40,000, for example, what dollar amount am I entitled to? Am I entitled to 25% of the market value or 25% of the final sale price after expenses?
2 Answers from Attorneys
Re: Executor Responsibility
I agree with Charles Field's response. However, I would add that from experience, if you want to DO something about this you will need to DO it. The probate court is extremely lax in policing this type of discount sale, fire sale, sale to relatives, whatever. Though it may seem like a lot of money to you, it is not much money to the court. ANYtype of legal filing with the Court -- prior to the executor's action (and assuming you have some vested right) is likely to cause the executor to obtain the Fair market value for the property at transfer. HCW
Re: Executor Responsibility
It depends on what the will says. Since you have a vested interested in the proceeds of the property, you have the right to insist that the Executor either sell the property at fair market value or pay you your share based on the fair market value. Consult with a local attorney.
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