Legal Question in Wills and Trusts in Oklahoma

What is fair and equitable?

The personal representatives of an estate have given the power to a bank trust department to handle the probate of an estate. The bank has a ''duty'' to increase the money. They have chosen to ''auction'' all solid assets which will in turn involve commissions etc to the auction company. Can a family member provide a fair and equitable bid on one piece of the property prior to the auction. If so, can 4 of the other 5 siblings agree that this is fair and equitable, allowing the bank to ''accept'' this amount without putting the house and 10 acres on the auction block.


Asked on 3/03/03, 12:46 pm

2 Answers from Attorneys
Herb Southern The Southern Law Firm

Re: What is fair and equitable?

I suggest that you hire an Attorney to file an objection to the auction sale of the property and have a hearing in front of the judge to determine what is going to happen. If you sit back and gripe about it, nothing good will happen.

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Answered on 3/03/03, 12:57 pm
Hunt John Urgentlegalcare.com

Re: What is fair and equitable?

Nobody knows what the propety will bring at an auction. You may be able to buy it at the auction for less than you are willing to pay now. If however you are talking about purchasing it under some sort of arrangement whereby you would pay each of the other siblings on some sort of monthly plan, then I do not see that as acceptable. Although anything is possible. Visit with an attorney in your area and see what can be done.

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Answered on 3/03/03, 4:03 pm


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