can anyone help??????????????

[leftturn01475]

Hi;
Below I have written a statement that I need clearification/explanation for.

( "To retain, sell or otherwise dispose of any property, at any time forming a part of my estate,
if she deems it necessary, for cash or upon credit in such manner and on such terms and condtions
as he may deem best, and no person dealing with my Executor shall be bound to see the application
of any monies paid;" )

I understand this statement to mean, the executor can dispose of any property at any time if she
wants to without considering what her 4 other siblings think. Also, the executor can spend estate
monies without showing the other siblings where the money went. It sounds like this is saying that
the executor could pocket the estate money and state that the money was spent on the estate and she
wouldn't have to show proof of doing so?
I would hope the executor would not do that. But is this statement saying she could?

Thank you & God Bless.
David

 

[dee_dub]

It's impossible to say what it means without reading the whole will. For instance, the excerpt posted above doesn't say that it's actually the executor that gets to do these things.

Executors typically have the power to keep or sell property as they like. "Without considering what the other 4 siblings think" doesn't enter into the equation one way or another - it's not part of that excerpt anyways. Whether they can disregard the express wishes of other concerned parties - I'm guessing the other siblings are beneficiaries - is not addressed, and might be the subject of some dispute.

The second part does not mean they can spend the money as they see fit, nor does it mean have no duty to account. An executor ALWAYS has a duty to account for funds. And an executor ALWAYS has duties to safeguard the property of the estate. I'm not sure what this clause means - it sounds archaic. It might mean something like "somebody the Executor deals with (under the first part, i.e. somebody who purchases property from the estate) is not required to ensure that the funds they pay actually make it to the beneficiaries".