It is one of the most important questions asked about the sale of assets. Can a beneficiary stop the sale of a property? The short answer is “no” but it’s never that simple when it comes to inheritance and probate laws. There are situations where a beneficiary can stop the sale and challenge it in the court systems. Let’s review the roles of the executor and beneficiaries before we talk about possibilities.
The Beneficiary And Their Role
The beneficiary has an easy role, they collect the assets that have been left to them by the deceased. They do not have any other responsibilities to contend with. Many of us have witnessed those situations in which the beneficiary is unhappy with their lack of involvement and opinions about what should happen with some assets. Ultimately, the courts uphold what has been determined in the will and ensure that the executor is doing their job. However, sometimes the courts find that the executor of the estate isn’t doing the right thing.
The Executor And Their Role
An executor of an estate is responsible for making sure that the wishes of the deceased are fulfilled. These wishes are in the will and are supposed to be followed exactly as planned. Their responsibilities include:
- Offer the will to probate
- Pay off all debts and taxes from the estate
- Distribute assets to the beneficiaries
- Protects the assets of the will
When The Executor Doesn’t Follow Their Responsibilities
It all sounds cut and dry, right? Well, there is always a loophole somewhere and there is here too. It is understood that the executor of an estate will follow probate laws and act in good faith of the will. If there is to be the sale of property, it must be done in a way that shows it’s not for personal gain and benefits the beneficiaries. A sale of the property at market value to pay off debt and taxes is an act of good faith.
However, not every executor does this. A quick sale of property well below market value can be seen as an adverse action. Any sale of property below market value that benefits the executor is also questionable. This is where a beneficiary could stop the sale of a property. It requires court intervention and the beneficiary will have to pay for the legal battle.
Probate Laws By State
Selling Inherited Property FAQs
Yes, siblings are able to force the sale of inherited property with the help of a partition action. If you don’t want to hold on to an inheritance given to you by parents, you might want to sell.
How We Can Help You
Watching the sale of a property can be painful and if you are considering contesting a sale, we can help. Getting an advance on your inheritance can help you fund the court battle you will face. Contact us today to learn more on how we can assist you.
