issues with executor of father's estate

[luckymom]

What is the name of your state (only U.S. law)? Illinois

My father died several weeks ago. His will made my two sisters the executors of his estate. One of my sisters is a bit of a bully, the other quite passive. The "bully" is in a hurry to settle things. In particular, she had one real estate agent look at the house and conveyed to us that the agent advised we should make a few minor repairs, price it cheap, and sell quickly. I can perfectly understand the logic of this from the agent's point of view but I am not sure it is in the interest of the rest of us. I've asked my sister several times whether she couldn't speak with at least two more agents to get other opinions about repairs and pricing. She's refused, citing her desire to cut her losses and move on. What are my options?

 

[tranquility]

What is the name of your state (only U.S. law)? Illinois

My father died several weeks ago. His will made my two sisters the executors of his estate. One of my sisters is a bit of a bully, the other quite passive. The "bully" is in a hurry to settle things. In particular, she had one real estate agent look at the house and conveyed to us that the agent advised we should make a few minor repairs, price it cheap, and sell quickly. I can perfectly understand the logic of this from the agent's point of view but I am not sure it is in the interest of the rest of us. I've asked my sister several times whether she couldn't speak with at least two more agents to get other opinions about repairs and pricing. She's refused, citing her desire to cut her losses and move on. What are my options?

None, really. If you really thought such an act fell below her fiduciary duties, you could sue to stop the sale. The cost of such a suit would be fairly high and probably more than a genuine difference of opinion on price might be worth. The purpose of appointing an executor is to have one person make decisions. They are, of course, responsible for those decisions under fairly strict criteria (aka fiduciary duties). But, nothing in what you said seems to be a breach. A house on the market will have the market set the price, not the real estate agent. If there was a consultation with a real estate agent and the sale is done at arm's length, I don't think you can do that much better. (Unless you have a specific agent with demonstrated expertise with a particular type of property in mind.)

 

[Stephen1]

Has the will been submitted to the appropriate court for probate? The court is who designates someone as executor; your father only recommended in his will who he wanted. If this has not yet been submitted for probate then there is/are no executor(s).

Assuming that your two sisters have been designated by the court as executors, depending upon how they were designated they may have to both agree to whatever actions. I have heard of the two executors being allowed to operate independently of each other and I've heard of them being required to operate together (both agreeing on things). Which is why I think a single executor is better.

 

[Zigner]

None, really. If you really thought such an act fell below her fiduciary duties, you could sue to stop the sale. The cost of such a suit would be fairly high and probably more than a genuine difference of opinion on price might be worth. The purpose of appointing an executor is to have one person make decisions. They are, of course, responsible for those decisions under fairly strict criteria (aka fiduciary duties). But, nothing in what you said seems to be a breach. A house on the market will have the market set the price, not the real estate agent. If there was a consultation with a real estate agent and the sale is done at arm's length, I don't think you can do that much better. (Unless you have a specific agent with demonstrated expertise with a particular type of property in mind.)

One other point I'd like to make: The costs to defend such a suit will likely come from the estate.