Legal Question in Wills and Trusts in Illinois

Re: Property in an Estate

While the property is in the estate, the beneficiaries cannot sell it -- only the executor/administrator AKA personal representative can sell it.

The PR has a fiduciary duty first to the creditors (yes, they come first) and second to the beneficiaries. If they sell a $100,000 item for $20,000 and then tell the creditors "we can't pay you because we don't have enough money" they're in trouble.

Assuming they have enough money to pay creditors they're still in trouble if they have only $20,000 to distribute among beneficiaries.

IF a sale will not affect their ability to pay creditors and IF all beneficiaries approve, they can sell for whatever they wish.

Also note -- an appraisal is only a guess at what property will sell for. A PR could say "yes, this house is appraised for $100,000 and after six months the best offer I've got is $80,000. I can sit forever for $100,000 or sell now for $80,000."