Legal Question in Wills and Trusts in New York
Can one of the beneficiaries in a Will in New York State legally sell some assets of an estate before the probate process is finalized?
3 Answers from Attorneys
You are able to sell a future interest in property or cash. There are firms that will pay a percentage of an inheritance or judgment. Financially, it is probably better to wait.
The above answer is right. However, if there is outright sale before the administrator distributes the asset to the beneficiary, the administator may be able to sue the beneficiary to recover the asset. One of the problems with early sales by beneficiaries is some of the assets may have to be sold to pay off the liabilities.
Also licensed in New York.
The executor is the only person authorised to sell or transfer assets until final distribution of the estate. Without knowing the exact assets you are referring to, an accurate answer cannot be given.