Legal Question in Wills and Trusts in New Jersey

Re: Executor Deed

it all depends on the language in the will. if the real property was specifically bequeathed to the beneficiaries of the estate, the executor would generally execute a fiduciary (EXECUTOR'S) deed transferring the property into the names of the beneficiaries. if the real estate is included in a residuary bequest or there are debts/expenses of the estate to be paid and there are no other available assets, the executor may sell the property and distribute the cash remaining. the account opened would be titled in the name of the estate under the tax id number of the estate. a transfer of real property is generally not made from the decedent's name to that of the executor.

peter turai

Re: Executor Deed

I agree with Peter that the language of the Will controls. If the real property is just one of the assets in the estate, and not specifically bequeathed to any particular beneficiary, the executor controls its disposition, and can do so by sale and depositing of the proceeds into an estate account. Depending on the value of the estate and all assets, I inquire if a beneficiary is interested in taking the property himself, and, if so, equalize values by using the remaining assets (e.g., one gets the property, one gets other assets). There is no legal requirement to liquidate assets, unless liquidity is needed to meet debts, expenses, taxes, etc. If there is some interest in retaining the property, rather than sell it, I suggest contacting the executor and make some arrangement. The same for other assets, like secutities, which can also be distributed "in kind" and need not be liquidated.