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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55714
Experience:  29 years of experience practicing law, including tax and estate planning.
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I am an executor of my aunt's estate. She has a wedding ring

Customer Question

I am an executor of my aunt's estate. She has a wedding ring that is part of the estate. A beneficiary of the estate wants to purchase the ring. What process should I use to insure the remaining beneficiaries(10) are protected?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

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!

Expert:  Richard replied 1 year ago.

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.

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