Legal Question in Wills and Trusts in New York

I am executor of my mother's estate. Part of her estate is her condo. I understand that the executor's job is to sell all the assets and distribute them equally. Can I purchase the condo, at fair market value? Do I have to let the other heir know prior to my purchasing the condo? Also, as executor, do I have the first right to purchase the condo or does the other heir have the first right?

Thank you


Asked on 7/08/10, 2:35 pm

2 Answers from Attorneys
Arnold Nager Arnold H. Nager, Esquire

You probably should let the other heir know of your interest in the condo.

As far as first right goes, the condo need to be valued and/or sold at fair market value. If both you and another heir wants the condo, it should go the the one willing to pay the highest price. Remember, the unsuccessful heir still gets his/her share of the price, You are, of course entitled to commissions as the Executor, which can be substantial. Feel free to contact me if you need further information or advice.

Arnold Nager

914-478-2981

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Answered on 7/08/10, 5:53 pm
Walter LeVine Walter D. LeVine, Esq.

I agree with Arnold. You have no priority rights as Executor, and you have a fiduciary duty to act fairly. Best is to get consent from other heir to do this, and be sure price and purchase terms are fair and what would be offered by an independent purchaser.

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Answered on 7/11/10, 5:36 pm


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