Legal Question in Wills and Trusts in Massachusetts

Responsibility of Executor to Heirs/Conflict of Interest

Attorney executor handling aunt's estate (died 6 months ago) - 6 heirs. Includes house, auto, checking/saving account.

Estate: What is executors fee?

Estate: What information should the executor be sending to the heirs?

House: Attorney is acting as realtor but hasn't advertised, hasn't listed house in MLS, and has not gotten any market valuations. Will he get 6% commission? Is this a Conflict of Interest? Said he has a friend willing to buy house for $280K.

Auto: 1972 Volks with 45K original miles. Hasn't obtained any valuations, either from antique dealer or VW dealer. Should this be done before auto is sold?

Shouldn't the executor do an Inventory and send that out to the heirs. Do the heirs have to approve anything before he acts or does he have sole authority to act without approval?


Asked on 4/22/05, 7:23 pm

1 Answer from Attorneys

Re: Responsibility of Executor to Heirs/Conflict of Interest

An inventory should be filed in the time requirement under the statute. The attorney can with the permission of the Executor sell the property as long as it is for the market value and as an arms length deal. However, some basis for valuation shoudl be established. Most realitors will do an evaluation without charge in hopes of getting a listing.

As to the Attorney's conflict of interest, it is not a conflict s long as he is not investing in or representing the buyer. His fee should be established with the executor and should be reasoanble.

I would contact a lawyer in your area with the details. One place to start as to valuation of the home is the local assessor's office which would be the least amount that would be acceptable as most properties are worth more than the assessment.

I hope this was helpful. Please feel free to contact me if you have further questions.

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Answered on 4/23/05, 3:41 pm


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