Legal Question in Wills and Trusts in Texas
Rights of heirs to an estate
My sister and brother are named as co-executors in my mothers will.I am named as the alternate.Can I or one of the co-executors sell the home if one of the other parties wants to buy the property, but does not have the money to pay out the other heirs share of the value of the estate if the home is the only asset.I want to get the estate settled without litigation but it has been stalled because one of the execators does not have the money or financing to do so.Also does that disqualify him as serving as executor due to a financial attachment to the estate.
1 Answer from Attorneys
Re: Rights of heirs to an estate
The co-executor's interest in the property doesn't disqualify him as an executor, but if he can't buy the property at fair market value, he can't hold up the distribution of the estate if the house is the only asset.
He has to pony up the money to buy out the rest of the devisees (those that take under the will) or any one can move to have the property partitioned by sale.
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