However, the trustee cannot benefit from the property (unless the trustee is also a beneficiary).
Most importantly, as well as owning the property, the trustee also owes certain obligations to the beneficiaries.
If drafted and filed correctly by an estate litigation attorney, many objections may be avoided and much money saved.
A trained attorney can also work with a beneficiary to help explain the accounting and, if necessary, file objections to what the beneficiary finds objectionable.
But selling inheritance property presents special logistical, practical and emotional challenges.
If part of that inheritance is the family home or other real estate, the best way to divide the asset is to sell it and split up the cash.
Without a release from the beneficiaries or from the court, the agent, executor or trustee may be forced to account after are distributed, which means that the expenses might have to be paid out of the fiduciary’s own pocket.
A court reviewed and approved accounting brings the process to a close.
An executor might be less tempted to change the distribution if he or she kept in mind that for every person who likes the new distribution, there is at least one person who is outraged by it.
If the executor fails to follow the distribution under the Will, he or she may be responsible for paying the disappointed beneficiary out of his or her own personal funds. For example, an executor might sell an asset and give the beneficiary the proceeds, even though the Will directed that the asset be given .
The executor might give trust funds to children at a younger age than that directed in the Will.