quote:
It depends on exactly what the will says...simply naming you as executor doesn't give you ownership rights over it all. You would simply be the person tasked with seeing that the assets are disbursed in accordance with the terms of the will. You can be paid a fee out of the estate for doing what needs to be done (ex: arranging for appraisals, the sale of substantial tangible property or other things specified in the will).

"Controlling entity" does not necessarily mean what you think. If the will specifies that Daughter X gets 50% and Daughter Y gets the other half, then you may be paid a fee as executor for arranging the sale of the house, etc. but the proceeds of the house sale still belong to Daughters X and Y.

You need to have a clear & civil conversation with them to ensure you understand their wishes/intent. If they have indeed left it all to you, be prepared to deal with the potentially unhappy disinherited siblings, and with your wife. Nothing sets people off like grief & money.

Yeah, I'm just executor I believe. The money and house is being left 50/50 to the daughters.

However, I am the person that makes the decision to sell the house or not (or wait and sell after a certain period). I'll need to get an attorney to help me make that decision when the time comes. If I indeed sell it, then the profits go 50/50 to the daughters.

I won't be charging a fee though

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Posted by hungryone

river parishes

Member since Sep 2010

11987 posts

Posted on 12/10/15 at 10:59 am to TheCaterpillar

quote:
Yeah, I'm just executor I believe. The money and house is being left 50/50 to the daughters.

However, I am the person that makes the decision to sell the house or not (or wait and sell after a certain period). I'll need to get an attorney to help me make that decision when the time comes. If I indeed sell it, then the profits go 50/50 to the daughters.

Not in Louisiana--as I understand it, the executor cannot decide to sell the house if all of the heirs (who are the legal owners) do not want it sold. You need the court's approval to undertake such an action, and if the heirs agree, the court probably won't force a sale unless there is some gigantic and compelling reason to do so.

Please talk to an attorney in the relevant state regarding your responsiblities. You'll be the guy on the hook for maintenance/upkeep, insurance, etc of the house before it sells. So don't be so quick to say you won't take a fee, as you have no idea how many hours you may spend on these duties. It can be quite substantial.

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