My wife is one of four siblings. Both parents are deceased (mother in 2007) and the father passing away in November 2016. Two siblings are co-executors. One of whom has lived in the house her whole life (now aged 48) rent free and has been able to generate considerable personal wealth.
It took a year to convince the sibling living in the house to prepare the house for sale. It was agreed that my wife would manage the sale process. The value of the house was $1.85m in November 2017.
An offer was made at $1.825m in December 2017. The other sister had a very unrealistic value expectation ($2.6m) and convinced the co-executor still living in the house to refused the offer. The agency agreement was terminated without the consent of the my wife.
The other sister then appointed herself to sell the house in early 2018. Another agent was appointed. The house was originally up for auction and then removed before auction date as no buyers were interested. It was then put up for sale at $1.85m and with no interest then $1.75m.
The agent has had offers at $1.7m (refused), then $1.6m refused and now $1.5m. FYI, the co-executors have not communicated this information to my wife, she has found it out from the agent.
My questions are: Have the co-executors failed in their duty to effectively communicate with the beneficiaries? Have the co-executors caused financial loss to the beneficiaries by not accepting market advice and by refusing offers? Have the co-executors unnecessarily delayed the administration of the estate? Has one of the co-executors gained financial benefit by moving back into the house and not communicating that to the beneficiaries?
All advice welcome.
It took a year to convince the sibling living in the house to prepare the house for sale. It was agreed that my wife would manage the sale process. The value of the house was $1.85m in November 2017.
An offer was made at $1.825m in December 2017. The other sister had a very unrealistic value expectation ($2.6m) and convinced the co-executor still living in the house to refused the offer. The agency agreement was terminated without the consent of the my wife.
The other sister then appointed herself to sell the house in early 2018. Another agent was appointed. The house was originally up for auction and then removed before auction date as no buyers were interested. It was then put up for sale at $1.85m and with no interest then $1.75m.
The agent has had offers at $1.7m (refused), then $1.6m refused and now $1.5m. FYI, the co-executors have not communicated this information to my wife, she has found it out from the agent.
My questions are: Have the co-executors failed in their duty to effectively communicate with the beneficiaries? Have the co-executors caused financial loss to the beneficiaries by not accepting market advice and by refusing offers? Have the co-executors unnecessarily delayed the administration of the estate? Has one of the co-executors gained financial benefit by moving back into the house and not communicating that to the beneficiaries?
All advice welcome.
