Connecticut Probate -Executors buying real estate

Sometimes the executor of the Will ends up being one of the children of the deceased individual. It may also be the case that this person wants to keep the house. This raises an immediate question/concern - is the executor breaching a fiduciary duty to the other beneficiaries of the Will?

Generally, the executor has a duty of loyalty to the other beneficiaries. The sale of the house to the executor might be considered self-dealing, which may be considered a breach of the duty of loyalty. In Connecticut, an executor may want to have both the consent of the other beneficiaries, and Court approval of the transaction to be safe.

Additionally, if this kind of transaction is anticipated when the Will is drafted, the estate planning attorney can draft the Will to provide the executor with certain powers to assist. This however is advanced planning, and the implications of powers like this should be discussed with a Connecticut estate planning attorney before the Will is drafted.

If you need the assistance of a CT attorney to draft a Will, feel free to contact our office. You can get our contact information on our website here.

Categories: Probate