How can the Executor of an Estate, who's also a named beneficiary, purchase a house which is part of that Est?

Question

... In England, United Kingdom.

Answer 1

They cant, that would mean that they were buying something that was already theirs. Unless they were only left a part share, in which case they could buy the other part if the other shareholder was willing to sell.

If they are a beneficiary, but were not left the house, but instead some other items/money, and the house is to be sold as part of the will, then they can purchase it, but have no more legal right to do so than anyone else.

Hope that helps,
Carrie

Answer 2

First of all how this is done is not through a purchase at all, but by simply accepting the house as part of your settlement. Your inheritence.

This is how it happened in my family 3 years ago.

Ok, My cousin died. leaving a will. She had left specified sums to two or three charities, friends and relatives, she created two trust funds for a couple of young children in the family and then the remainder was to be split 60/40.

She had also given thought to inheritence tax and income tax and her executors fees. Furthermore, during her lifetime she had paid into two schemes to cover costs; so that her relatives need not worry themselves about it. This is an area every body should look at, as these can be considerable amounts levied against an estate. Speak to a bank or building society financial adviser to get the best deal. The executor of a last will and testament in Britain is always a solicitor, a solicitor specified by the owner of the will during there lifetime. You will need a solicitor in Britain or if you are American a lawyer in America.

The house was valued and that value was added to all the other liquid assets from banks and shares.

The smaller figures were paid out immediately as these were fixed.

This left a balance the house was still in that balance as a value. The beneficary of the house was asked what she wanted to do. She was torn, many happy childhood holidays had been spent there; but the other main beneficiary convinced her to sell. I suppose she was thinking that it was not practical to keep the house on what with bills, maintenance and the uncertainty with the housing market, the value could have fallen. She might also have thought that deliberating 'what to do?', was holding things up. (Where theirs a will there will be relatives???)

So the main beneficiary had to make one choice from two options, a) keep it as part of her inheritence in which case she would receive less from the pot, and all she would have to do was register the house in her own name with the land registry, estates office, local council etc or b) to sell it and have the money added to the pot. The divide could then take place with a cheque exchange from the executors solicitors 60/40 in this instance.

Irrespective of what you do, once probate is undertaken to go ahead everything must be settled within two years unless someone contests a last will and testament, which can affect financial closure for a period of seven years maximum. In the case specified above everything was done within 10 months.

Hope this helps.

(Unfortunately, its a pity one can't see into the future. The house in this issue has increased in value by a third and has had very little done to it in the space of three years. )

99.99% legally accurate. Not sure seek legal advice.

Answer 3

I really sympathise with you on this one if your in the middle of a legal battle, i am too as the executor of a bank account in America. I think you will be named as looking after the proceeds/property of the deceadant but will have to still buy the house to put it legally into your name if that makes any sense. My best advice would to be get a solicitor. Hope that helped.

Answer 4

Use a delaware company.
Very cheap to setup and manage (800$) and maintains complete confidentiality about beneficial owner. Designed for property transactions.

Then use different solicitor to bid for property in executors sale and complete transaction through Delaware company.

Answer 5

there should bo no real problem. Once probate has been granted - you are free to do as you wish. It becomes an open market situation and has no bearing on the outcome of the will.
I was in the same situation and had no problems. A good lawyer would soon sort this out.

Hope this helps you and GOOD LUCK.

Answer 6

First get an appraisal using a legally qualified appraiser

Then pay the appraised price.

normally submissions also need taken from other interested parties, and a bidding auction may ensue.

Answer 7

I would recommend checking with the attorney for the estate.

Answer 8

Do it through a third party i.e. Solicitor.

Answer 9

ask a real estate agent, they know all about that

Answer 10

sounds dodgy consult your solicitor