Executors should act in the best interest of the estate and beneficiaries.
Your parents have passed away.
In their wills, they left the home to you and your siblings.
They also named one of your siblings as the executor to the estate.
This sibling does not want to sell the home, but the rest of you do.
According to a recent nj.com article titled “What happens when siblings can't agree about selling parents' home,” this depends on whether your parents left specific instructions regarding the home.
If the parents left no specific instruction regarding the home, the executor can choose to sell the home and distribute the net proceeds.
Alternatively, the executor may also distribute the home "in kind" so the siblings own the home in equal shares as tenants in common.
This means all will be obligated to the home equity loan, if there is one.
One executor responsibility many do not understand is the responsibility of settling debts.
Creditors have a certain amount of time to present any claim to an executor.
This means the executor will make no distributions before this time period has ended in order to ensure debts are paid.
Some executors will further wait until after the any inheritance and estate tax returns have been filed.
What happen if the estate has not been settled and your parents have been gone for a very long time?
You can sue to have the executor discharged from his or her duties if they are not being completed in a timely manner.
Executors are often removed for ignoring court orders or acting unethically.
If your parents have only recently passed, give it a little time.
Serving as an executor is a significant role, let alone a significant responsibility.
The estate will not be settled in a day.
Reference: nj.com (October 4, 2018) “What happens when siblings can't agree about selling parents' home”