Legal Question in Wills and Trusts in Virginia
Disposal of real estate
My mother named my sister and myself as co-executors of her estate. She had no debts, and owned her house in Virginia free and clear. According to the will all assets are to be distributed equally between my sister and myself. The two of us cannot agree on the sale of the house. One of us wants to sell, the other wants to keep the house and rent it out. How do we settle this dispute?
2 Answers from Attorneys
Re: Disposal of real estate
If the two co-executors cannot agree on whether estate property in the form of a house is to be retained or sold for the benefit of the named beneficiaries, then the house must be sold, and the proceeds of the sale made part of the estate assets for appropriate disposition, and, if necessary, an order to require such a sale may be obtained from the appropriate court.
Re: Disposal of real estate
The co-executor who wants to keep the house could also buy out the interest of the other co-executor(and beneficiary)for the fair market value of such interest.
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