Legal Question in Wills and Trusts in New Jersey

Re: Rights of all beneficiaries

You should have an attorney assist you with the estate. The terms of the will seem clear that no sale can occur for one year, but I would need to review the will in order to give you a better answer to your question.

With so many beneficiaries involved, a sale is normally best for everyone. Provided that a beneficiary is willing to pay fair market price [you should get a professional appraisal to determine that] then a sale to a beneficiary may be acceptable. If the other beneficiaries are likely to complain, then a sale to a 3rd party at fair market value is probably the best option.

Re: Rights of all beneficiaries

I agree with the other authors, that as Executrix you are bound, as a fiduciary, to carry out the terms of the Will as Dad specified. This, from your facts, and without seeing the Will, specifies that it cannot be done in less than a year from Dad's date of death. I also concur that a appraisal be undertaken (this can be done using several local brokers who could give you comparable sales, as a professional appraisal could cost upwards of $1,000 or more) around the time the house will be listed for sale, to get current values. I see several problems you have not raised, including your aunt who currently lives there. Does she have a lease? If so, for how long does it run? Is she paying rent at market rate? This could impact an ultimate sale and a final sales price. You have the fiduciary duty to get the highest and best price, so if what is being offered by the sister residing there is less than fair market value, all siblings must agree to allow her to pay what she if offering. Finally, there is the estate to settle, including the sale of the home. I suggest retaining a good estate attorney, familiar with real estate as well, to assist you and to start the process now. You might have a problem selling the house with tenants, especially one that is paying no rent, and one possibly with a lease and paying below market rent, who may need to be evicted, so alerting them now as to what you plan and seeing how they react, will give you a head start on what might be required down the road. If you need more information, contact me directly.

Re: Rights of all beneficiaries

Under the law governing decedents' estates, you have the powers needed to sell or not sell. You should really check into a lawyer now and get things prepared for your ultimate decision on selling. If the market rises, postponing the sale may also impact the value. You should closer to that time engage a properly credentialed appraiser if the sale to beneficiary is preferred. Once you engage a NJ lawyer you will be better informed of your powers and obligations to the estate. As a lawyer in NJ, I would want to see the Will and consider all the circumstances before rendering a more complete legal opinion. Please contact me for further advice or use the email address below. Thanks!