Does the executor have the exclusive right to sell a good income producing real property against the interests of a beneficiary?

Asked about 1 year ago - Warwick, NY

I am 1/3 beneficiary of an estate in NJ. The real property contains two industrial buildings and one residential building, all fully rented and producing a substantial profit. The only creditor to the estate is the executrix herself who loaned money to the deceased. In 4 years since the deceased died, she has only taken partial payment of her debt from the rental proceeds, but still can. The town is favorable to subdividing the residential and industrial portions from each other. The appraisal (now 4 years old) concluded the residential portion is valued at $283K (32%), and the industrial portion at $602K (68%). I have requested to receive the residential property as my 1/3, but the executrix refuses, claiming the property must be sold to satisfy the debt and ensure equitable distribution.

Attorney answers (4)

  1. Paul Rutledge Durr III

    Contributor Level 15

    8

    Lawyers agree

    Answered . You could offer to buy the property and use your inheritance as collateral with a lender. Consider hiring a local lawyer to assist.

  2. Jayson Lutzky

    Pro

    Contributor Level 20

    6

    Lawyers agree

    Answered . Consult with and retain a probate lawyer in NJ, not NY, to negotiate a deal.

    If this answer is helpful, then please mark the helpful button. If this is the best answer, then please indicate... more
  3. Eric Edward Rothstein

    Contributor Level 20

    6

    Lawyers agree

    Answered . Repost in the New Jersey Avvo section.

    I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was... more
  4. Peter J Weinman

    Pro

    Contributor Level 18

    2

    Lawyers agree

    Answered . What happens in NJ stays in NJ. Note, however, that yours and the executors' opinion may vary as to what's in the "best interests" of the beneficiaries. Presumably, if the executor doesn't act in bad faith, there's little you can do.

    I may be guessing or not licensed in your state. No atty/client relationship exists.

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