Legal Question in Wills and Trusts in New York
Is this action by executor self dealing?
My Father is the executor of my Grandmother's Estate. THe will specified that her home was to be left share and share alike to my Dad and his Sister. She does not get along with my Dad or the rest of our family. She indicated she wanted the house sold. My Dad listed it with a reputable broker and negotiated a 2% commission if any member of his family or any member of his sister's family decided to buy the house. The agent agreed and started showing the home. Several bids were received by outsiders. Her children indicated they might bid, but decided not to in the end. I decided to buy the home(actually 1/2 of the home that my Aunt owns) and put in my bid. I am the high bidder. My Aunt unilaterally accepted a lower bid from a third party(she is doing this out of spite because it became too expensive for her kids). My Dad rejected that lower bid and is prepared to sell to me. She hired an attorney who is claiming that my Dad has to sell to the lower bidder because a sale to me would be self dealing and is not permitted. My Dad's lawyer says it is not self dealing and that my Dad should proceed with selling my Aunt's interest to me. My question is would a sale of my Aunts share of the home to me be considered self dealing?
2 Answers from Attorneys
Re: Is this action by executor self dealing?
This appears to be a repeat question, which I believe I answered earlier this week. If all has been done properly and at arm's length (which it appears to be), while there may be litigation, you and your Dad will probably prevail., as your Dad seems to have taken all proper steps. Plus, a non-executor cannot bind the executor.
Re: Is this action by executor self dealing?
If you are the highest bidder for the house, how can it possibly be self-dealing? It would seem that it is in everyone's interest who would take from the sale to get the highest value for the estate.
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