by Outcast_Searcher » Wed 01 Jun 2016, 16:55:07
$this->bbcode_second_pass_quote('Cog', 'A')s I have donned my executor hat, instead of my guardianship hat, there will be some drama coming up with some of my relatives. As my lawyer has explained, nothing brings out the worst in people than an estate settlement. In this case, I will be selling my father's farm to a farmer and not to my nephew. The farmer's bid was higher, he wants to buy it as is, and with no inspection contingencies. But I know I am going to get some crap about it.
The deal is as executor, your goal is to maximize the assets of the estate and not let family desires/ heartburn affect your decisions. Legally, I don't have to accept any offer, from anyone.
I'm trying to ignore the fact that my nephew couldn't possibly get the financing for this deal. I'm going with the farmer, who has the money, and has pursued the property for months now.
Cog, sorry to hear about your dad passing.
I went through similar stuff years ago with the passing of three loved ones as care-taker, trustee, executor, etc. and you're exactly right on the handling of the assets part.
Your duty is to the estate (or trust, as the case may be).
I just flatly would tell annoying relatives (or friends of the family (some people have amazing nerve when they smell some money)) that I work for "X" (whoever the assets are to go to), and that's all there is to it. If they tried again, I'd refer them to the lawyer (who was supervising the assets for the court), advise them that the lawyer would tell them the same thing, and I'd tell the lawyer to potentially expect a call. At that point, the greedy pesterers tend to give up, in my experience.
....
I think you're generally allowed to make reasonable judgements where there are clear trade-offs, but you need to be able to explain your decisions. You need to keep a clear and professional paper trail. And you sure as HELL need to not be doing things like co-mingling assets -- that's just asking for problems.
Best of luck as you work through this. It does get easier in time, but it's certainly no picnic.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.