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Co-Executors

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Mark5

Junior Member
What is the name of your state? Virginia

My wife was named coexecutor of her fathers will along with her sister. The two sisters are to split everything 50/50 according to the will. Her sister was listed on two checking accounts and one money market account along with her dad for convience purposes. The sister lives about 5 minutes away from her dad and my wife is about 45 minutes away. One checking account was their deceased mothers account, the other was their fathers account. The will has gone through probate and the attorney that handled the probate and drew up the will advised the sisters to use one of the checking accounts to pay for any expenses associated with the estate, and for the two to split the other checking account and the money market account between them to zero the balance out and close the accounts.

The sister did close one of the accounts and split the amount with my wife, but has stated that she doesn't want to close the money market account until everything else, the selling of the house, is complete. She has been using the other checking account to pay for the ongoing expenses, electricity, care for horses on the property, etc. until the sale.

My question is since my wife and her sister are coexecutors of the will can the sister control when the money from the money market account can be split?

My other question concerns the auctioning of the house. What options does my wife have if my she and her sister do not agree on the price bidded on the house?

Thank you,
Mark
 


pojo2

Senior Member
that she doesn't want to close the money market account until everything else, the selling of the house, is complete.

Entirely appropriate and wise!

What options does my wife have if my she and her sister do not agree on the price bidded on the house?

Easy, refuse to sign the paperwork to finalize a sell she does not agree with she is after all a coexecutor meaning both will have to sign off on a sell.
 

Mark5

Junior Member
splitting of the moneymarket account

Hi pojo2,

I appreciate your taking the time to answer my question. I have a couple of follow up questions to your answers.

What would be the reason to wait until the house sells before closing the money market account? There is a checking account, that is being used to pay for any expenses related to the house, that has over $8,000 in it. Their father built the house himself on land that he had owned for over 40 years. He left no debts of any kind.

To the other question concerning the auctioning of the house, if they do not agree on the auction price, can either one legally force the other to buy them out for whatever the appraised value is?

Thank you,
Mark5
 

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