Helping friend who is a beneficiary

citeam

Hi All

My friend is a beneficiary in his mothers will,

3 sisters & himself all equal shares in the will. 1 Property is involved.

Problem;

One of the sisters is the Executor, she wants to sell the property to her own daughter for 20% less than the probate valued amount, this is against the wishes of other beneficiaries. My friend would like to offer the full value for the property. The Executor refuses to listen.

Does anyone know of a suitable letter template that can be sent to the Executor to express dissatisfaction & to make a formal offer.

Many thanks

Keep_pedalling

The executor has a duty to get the best price possible for the beneficiaries so can't sell below the market value without the agreement of them, unless they are going to take the full hit on their share.

As a beneficiary the executor may also consider that the best price is best obtained through selling on the open market, so they could use that excuse not to sell to another beneficiary at the probate value.

pollypenny

Bit of flippant answer, but he could suggest that sister gives her daughter a 20% discount from her portion of the legacy.

AFAIK an executor is obliged to obtain the best for the beneficiaries.

Margaret26

Hi. I'm new to this forum but just require some advice. To sum up a long winded scenario. My sister and I were left an estate consisting of 4 properties, 2 of the properties have current issues I.e short lease and restoration of a business so this is holding things up. My sister wants to move into my parents house and I may wish to keep on a flat to rent out and we will make up the difference. However my sister wants to move in the property now and I have been told that I can't do anything with the flat until all properties dealt with? I find this unfair and need some advice please.

Kind regards

System

Please start your own thread rather than hijacking somebody else's

Margaret26

I'm new to this and difficulty navigating this site. Also why the abuse. Don't think it's necessary. Clearly you have nothing better to do

System

Sorry?
There was no abuse just a request to start your own thread rather having a single thread trying to deal with 2 separate problems.

Pollycat

@Margaret26:

If you go back to the 'Deaths, Funerals & Probates' board, you should see a blue button marked 'New Thread'.

If you click on this it will open a brand new thread for you. You can put your own title to it and ask your questions.

As Mugmump says, if someone's posts on someone else's thread asking for advice for their particular problem, the original poster's issue can get forgotten (it is known in internet speak as 'hijacking).

To bring the thread back to the original topic, here is the OP's query:

citeam wrote: »

Hi All

My friend is a beneficiary in his mothers will,

3 sisters & himself all equal shares in the will. 1 Property is involved.

Problem;

One of the sisters is the Executor, she wants to sell the property to her own daughter for 20% less than the probate valued amount, this is against the wishes of other beneficiaries. My friend would like to offer the full value for the property. The Executor refuses to listen.

Does anyone know of a suitable letter template that can be sent to the Executor to express dissatisfaction & to make a formal offer.

Many thanks

wwl

You should remind the executor that they are personally liable for losses, so if they sell below market value they are open to legal action from other beneficiaries for the loss

Yorkshireman99

citeam wrote: »

Hi All

My friend is a beneficiary in his mothers will,

3 sisters & himself all equal shares in the will. 1 Property is involved.

Problem;

One of the sisters is the Executor, she wants to sell the property to her own daughter for 20% less than the probate valued amount, this is against the wishes of other beneficiaries. My friend would like to offer the full value for the property. The Executor refuses to listen.

Does anyone know of a suitable letter template that can be sent to the Executor to express dissatisfaction & to make a formal offer.

Many thanks

Write, don't email, to the executor making it clear that what she nproposes is illegal and she will be liable for the losses to the benficiaries. Alos that what she proposes is a criminal offense.

getmore4less

This attempt to sell to family under value may be considered self dealing by a trustee.

Plenty of examples on the web on how naughty this is.