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Which assets should get sold?

| Jan 29, 2020 | Estate And Probate Litigation |

One potential point of contention with asset distribution is deciding which assets to sell. The will may not provide guidance but doing so may be necessary.

Remember, the estate may have certain expenses that need to get paid. This could include things like outstanding debts or taxes for the year. These have to get addressed before assets are given to beneficiaries.

In some cases, the estate may not have enough cash to pay off these expenses. The only solution is for the estate manager to decide what assets to sell. They can then sell them, raise enough money, pay the bills and move forward with the rest of the process.

But what if not everyone agrees on what to sell? For instance, maybe the family owns a summer cabin. All three heirs have a stake in it. Two of them do not care about keeping the cabin, though, which they see as a future expense. They want to sell the property. The third person, on the other hand, cares about nothing more than the cabin. They have a strong emotional connection to it, as the memories they made there as children provide a sentimental tie. They want to sell anything else and keep the cabin.

How does the family decide how to move forward? Is there a solution that makes everyone happy, or will someone always feel like they “lost”? Is there any other way to take care of the expenses?

A situation like this can raise a lot of questions and cause a dispute, so it’s important to know exactly what legal steps to take.