Legal Question in Wills and Trusts in New York
I have a relatively simple question for an experienced Attorney. I was recently appointed as executor to my late Mother's estate, by virtue of the court. There is only myself and my estranged sister mentioned in the will. As executor, I was interested in purchasing my Mother's condo at fair market value. Can I do this with my sisters objection? If she does object what are my options? Can I simply, pay the fair market value. of three comps I get? If she does accept the fair market value price (which I doubt) Do I have to pay the full amout, or pay only half since she would be entitled to half the price anyway? This relationship is not your normal brother and sister type. She has a husband who is an attorney and tried desperately to have the court appoint his wife as executrix in place of me. Fortunately the court saw through his false allegations and kept the will as my Mother wanted. So, I don't feel very confident that she will abide with whatever I want.Is this a lost cause......Am I chasing rainbows, or can I purchase my Mothers condo to live in? Thank you~
2 Answers from Attorneys
You may bring a proceeding in the Surrogate's Court to approve the sale of the condo to you. That way your sister will be forced to show good cause why you should not be allowed to buy it. If the court approves the sale to you, that ends the matter.
I agree with Rudi. Unfortunately these situations exist far too much today, among siblings. If your comparables are realistic, the Court should allow the sale, especially in view of the prior proceeding. Since you are getting one-half of the estate, the Court should probably allow you to pay just your sister her share. This should be included in your application for approval of the sale; i.e., ask for instructions on how the purchase price is to be paid.
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