chickenfarmer
Junior Member
What is the name of your state (only U.S. law)? Pennsylvania
Hello,
My wife and I were recently asked by our elderly neighbor to be executors of his will. He has no children and has never been married and lives alone. He has several extended family members who are all out of state that do not really visit or communicate with him. Over the years we have helped him with his health and in maintaining his house and property. We have mentioned to him over the years that if he ever decides to sell his house and property we would appreciate the first refusal. Last winter he fell and broke several bones which required him to be in a nursing home for over a month for rehab. It was during this time he discovered the lack of response from his extended family. None of them came in to help him.
He asked my wife to go with him to the lawyers office to discuss the will. My wife gave him no advice. He has named 10 beneficiaries one of the 10 are us. I'm afraid that since we are the executors of the will we will not be able to have first refusal of his property and house. The lawyer said you would open yourself up to litigation and that makes sense. He said get it appraised and bid on it. No one else is going to want it since they are out of town. I'm not sure I agree.
My question(s) is if we get the house officially appraised after his death (as executors) who approves the final accepting bid? If the house is worth $100.000 and we make an offer for $90,000, who approves that? Obviously we cannot as this is a conflict. Do all the constituents on the will approve? Some of which are non-profit organizations.
He trusts us and we trust him, however I don't think he really knows what to do and the lawyer did not really advise properly.
Hello,
My wife and I were recently asked by our elderly neighbor to be executors of his will. He has no children and has never been married and lives alone. He has several extended family members who are all out of state that do not really visit or communicate with him. Over the years we have helped him with his health and in maintaining his house and property. We have mentioned to him over the years that if he ever decides to sell his house and property we would appreciate the first refusal. Last winter he fell and broke several bones which required him to be in a nursing home for over a month for rehab. It was during this time he discovered the lack of response from his extended family. None of them came in to help him.
He asked my wife to go with him to the lawyers office to discuss the will. My wife gave him no advice. He has named 10 beneficiaries one of the 10 are us. I'm afraid that since we are the executors of the will we will not be able to have first refusal of his property and house. The lawyer said you would open yourself up to litigation and that makes sense. He said get it appraised and bid on it. No one else is going to want it since they are out of town. I'm not sure I agree.
My question(s) is if we get the house officially appraised after his death (as executors) who approves the final accepting bid? If the house is worth $100.000 and we make an offer for $90,000, who approves that? Obviously we cannot as this is a conflict. Do all the constituents on the will approve? Some of which are non-profit organizations.
He trusts us and we trust him, however I don't think he really knows what to do and the lawyer did not really advise properly.