Can an Executor sell estate real estate to a Co-Executor without approval of an heir?

Q. Can an executor sell the home in the estate to a co executor at a discount without approval from the beneficiary?

A. The last time I visited that subject here in Allegheny County, an executor needs to seek court approval to purchase real estate owned by an estate. It is a conflict of interest for the executor to sell realty to himself or herself. If the beneficiary is in agreement with it, and the agreed upon sales price is not ridiculously low, things should go well with the judge. If the beneficiary is not in agreement with it, there could be a problem. The judge may require a hearing with notice provided to the beneficiary to attend. In this case, the purchase price should be fair or at least reflect being close to fair market value. Real estate appraisals may be required.

If you feel like this issue relates to you, or a problem that you are experiencing, please contact me so that we can discuss your situation.