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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101384
Experience:  Lawyer
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My mothers estate includes a small sculpture that was on loan

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My mother's estate includes a small sculpture that was on loan to a club. The fiduciary polled all the estate beneficiaries to see if they would be in favor of donating the sculpture to the club, in memory of my parents. One beneficiary indicated a preference for buying the sculpture from the estate and loaning it to the club himself. It would seem to me that
this would constitute precedent for "balkanization" of estate assets, and interfere with orderly disposition of personal belongings of the estate (there are quite a few). Don't
fiduciaries have a responsibility to prevent this type of piecemeal disposition of assets? The fiduciary (executor) is a a large financial institution
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That is not correct.

So long as an asset is purchased at fair market value beneficiaries are generally welcome to buy assets. This is quite common in fact.

And in this case it was going to be donated so I can't see how this could be harming anyone really but any beneficiary can object if he/she wants to.

Let me know if you need any further clarification.
Debra and other Canada Law Specialists are ready to help you
Customer: replied 4 years ago.

Thanks. Upon reflection, I now think my question was not a legal one after all. Proposing to purchase one of many personal belongings in

an estate, rather than dealing with them en masse, invites delay and

would seem a very disorganized and irresponsible way to operate as

fiduciary, albeit legal.