Estate Law Questions? Ask an Estate Lawyer.
Good morning Steve. My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!
This can be a difficult issue for an executor such as yourself. First, you want to get the ring appraised so you have an independent valuation of the ring. Second, the best thing for you to do is to get the consent of the other beneficiaries to the sale of the ring to the beneficiary that wants to buy it for the appraised price. Third, if all the beneficiaries will not consent, then you could "auction" it off to the beneficiaries to the highest bidding beneficiary. Fourth, if you still have a beneficiary that is contesting this, then to protect yourself, the best thing you can do at that point is ask the probate court for permission to either sell the ring to the beneficiary at the appraised price or do the auction. The court will not allow a beneficiary to contest the sale while not agreeing to pay a higher price.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!