Legal Question in Wills and Trusts in New Jersey
my brother is the executor of my mothers estate. The main asset is her house. We have all worked to get it on the market. It has been on the market for 30 days. Now the brother who is the executor wants to drop the price to rock bottom. THe other 5 siblings do not. He has issued an ultimatum.. his way or buy him out by 4/29/11 Can he do this?
1 Answer from Attorneys
I would need to review a copy of your mother's will to provide a complete answer.
However, as executor, he likely does have the power to make decisions regarding a sale...with the caveat that those decisions are excercised in a fiduciary capacity and in the best interest of the estate. Here, he seems to be acting unreasonably [30 days on the market is not very long]. Are there other issues here? [i.e. does the estate have no money to pay the real estate carrying costs that would require him to move quickly to lower the price?].
If all the beneficiaries object to lowering the price, you have two options. 1. obtain a professional appraisal of the house, and file a motion in court to object to the proposed price reduction and sale; 2. wait until the house is sold and contest the executor's accounting, objecting to how the house sale was handled. However, unless you are talking about a lot of money, neither option makes much economic sense.