There are numerous scenarios in which people may question the actions of an executor or personal representative. They might make decisions that enrich themselves at the expense of beneficiaries. Other times, they might prove incompetent when managing the assets contained in the estate.
Sometimes, they might fail to uphold key terms included in the will. If specific beneficiaries or family members have the right of first refusal during the sale of valuable assets according to the will left behind by a decedent, personal representatives should honor that. If they fail to do so, taking legal action might be necessary.
Beneficiaries can prevent the sale of estate property
When an estate contains large, valuable assets, it can be difficult to address them in a fair manner. Arranging to sell an asset to split its value among the many beneficiaries is common practice. Businesses, homes and other assets may be worth too much for a testator to leave them directly to one beneficiary without creating a highly uneven legacy.
In cases where people might have an emotional attachment to the property, the testator might include the right of first refusal. Essentially, the personal representative has to give beneficiaries an opportunity to buy the property at a fair market value before listing it on the open market. If they failed to follow those instructions, beneficiaries could take legal action to prevent the sale of the property.
Recognizing when a personal representative’s actions might violate the terms of an estate plan can help people more effectively assert themselves. Probate litigation is sometimes necessary in scenarios wherein representatives do not uphold terms established by testators.