An executor is a person who has the right to take care of the property of a deceased person. Basically, he is appointed by either a dead person (deceased person selected him as an executor before his death) or the court. He plays an essential role in many things, including paying the creditor, making sure the beneficiaries named in the will, etc.
But he doesn’t have any right to sell the property to himself. Because the properties belong entirely to the beneficiaries. Well, here in this article we will conduct a detailed discussion about can an executor sell the property to himself? Hopefully, you will be much benefited to read it.
Can an executor sell the property to himself?
The answer is no. An executor can’t sell any property to himself or any other person without the consent of the beneficiaries because the property doesn’t belong to the executor. His right is just to manage the property. At that time if he sells this property, it will totally be embezzlement in simple word stealing.
For example, suppose you are an executor of some properties by will, and the price of the properties is one million dollars. Here if you have the right to sell the properties, you will easily be able to sell it to yourself in any amount, for example, one lakh or two lakhs. That means an executor can steal a massive amount of money if he has that right. That is why he has not this right to sell the property alone. His only responsibility is to manage the property.
All rights of the properties belong to the beneficiaries. At that time, an executor can sell the properties to himself only when all the beneficiaries will give their consents. Otherwise, he cannot do it.
Here there has another issue that is sometimes an executor can be one of the beneficiaries also. At that time, his consent will also be a matter there. But he can’t do anything without the consent of all other beneficiaries. Even if an executor who is also the beneficiary wants to buy the property of one dollar, he can’t do it because this one dollar belongs to all the beneficiaries, not him alone.
What does an executor of a will do?
An executor is responsible for the full management of the property. Regarding this management of the property, he has a lot of duties we can say power. These are as follows:
Distribution of wealth:
Distribution of the property according to the will, is one of the main tasks of the executor. After the death of the property owner, the distribution of the property will be a very complex and lengthy task. That is why He has to do this very carefully, and it should be ensured that all the beneficiaries are satisfied with the distribution.
An executor also has the accountability of any kind of debt or something like that. He has to pay the accounts payables as well. He has the responsibility of providing all the records of the transactions for the settlement.
Pay all the bills:
An executor’s another responsibility is to pay all the bills of the property of the deceased person. For maintaining a property, many types of bills come. He actually holds the position of the temporary owner of the deceased person’s property. That is why it is his duty to pay all the bills.
Receive all the accounts receivable:
The property owner may have some investments, account receivable and so on. It the responsibility of the executor to receive all these account receivables.
As we have said it before that an executor actually holds the position of the deceased person so his another duty is to act as the representative of the property. He has that power. So, in case of anything, he is there to defend or sue on behalf of the estate.
Custody of the property:
The executor has the right to keep the custody of the property of that deceased person. Here he has the legal authority to make all the decisions, including investment. His duty and responsibilities end in distributing the property to the respective beneficiaries.
These are mainly the rights and obligations of an executor of a property.
What can I do if the executor of property is not doing his job?
Here a very relevant and frequently asked question is what can you do if you are one of the beneficiaries and the executor is not doing his job? It can happen for many reasons. For instance, the executor may be dishonest, and he is trying to embezzling all the properties. At that time, what you can do is given below:
Know the timeline to settle:
First thing you have to do at that time is to know the timeline to the settlement of the estate. You may think that it will take a little time to distribute the property. But it is not like that as it seems like.
The distribution process may take a few months to a few years. It is dependent on how complex the property is. Here if you find that the time is over and the executor is not doing his task, then you have to go to the next step.
Take legal actions:
After knowing the timeline, you should try to make the executor understood your situation. If that doesn’t work, you have to take legal actions. You have to file a suit against him. You will provide all the necessary information to the court. Then the court will take the required steps. At that time a private lawyer can help you.
An executor is the main fiduciary of the property. But if the executor is dishonest, he will try to do many corruptions. For instance, he will try to sell the property without any consent of the beneficiaries and even to himself.
But legally he has no right to sell the property without any consent of the beneficiaries. There have many limitations. Here we have discussed many things regarding can an executor sell the property to himself? We hope that this article will be wiped out your many confusions regarding these issues.