NSW Executor of Will - Sharing Expense for Dissolution of Assets?

Discussion in 'Wills and Estate Planning Law Forum' started by Knightmare, 23 August 2018.

  1. Knightmare

    Knightmare Well-Known Member

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    My mother's estate consists of a house and two adjacent blocks of land.

    The executor of will at the bequest of my two siblings is preparing the blocks for sale at no little expense to the estate of which I am a beneficiary.

    It was agreed in minuted meeting (and the estate lawyer has acknowledge) that I would take over the dwelling after paying the difference amounting to the value of the dwelling itself, assuming that one block is valued pretty much the same as the next.

    The executor will not transfer the house to my until after the two vacant blocks are sold. I see the sale price as irrelevant.

    The obvious question is why, and why should I share the expense of preparing the vacant blocks for sale when its my two siblings who will benefit form the sale?
     
  2. Mary W

    Mary W Well-Known Member

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    What does the Will say about who gets what?
     
  3. Knightmare

    Knightmare Well-Known Member

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    The will simply says to equally divide the assets amongst the beneficiaries - that can be achieved on basis of valuation or cash.
     
  4. Rob Legat - SBPL

    LawTap Verified Lawyer

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    On a cursory consideration (which may not always be the best), it would appear the executor is doing the right thing. The cost of liquidating estate assets is an expense of the estate - not the beneficiaries. Therefore it makes sense that whatever costs are involved come out of the estate first, and the net proceeds are then distributed according to the terms of the will.
     
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