Milwaukee, WI asked in Estate Planning for Wisconsin

Q: Can a personal rep accept a home offer of a will that is part of 3 kids. He is one of the kids

The offer is 15k under market value

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1 Lawyer Answer
Thomas B. Burton
Thomas B. Burton
  • Estate Planning Lawyer
  • Eau Claire, WI
  • Licensed in Wisconsin

A: Generally, the Personal Representative named in the Will is in charge of managing the property owned by the Estate and distributing it according to the scheme laid out in the Will. This usually includes the power to list and sell real estate, unless the will directs some other plan for the real estate. If there is only one Personal Representative named, then this person has sole authority to make these decisions with the oversight of the Probate Court. The Personal Representative his fiduciary duties to the Estate, to act in the Estates best interests. Normally you would want to sell a property as close to the Fair Market Value as you can obtain. However, with real estate, Fair Market Value can often only be determined most accurately by placing the property on the market and seeing what price a third party buyer is willing to pay. If the price the Personal Representative accepted is reasonable, then the Court will likely approve their decision. If however you have concerns with the sale price, you could bring them to the attention of the Probate Court overseeing the Estate.

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