by DarEl  07/02/2014  2869 Page Views
6 Comments  Wills, probate, letters of administration, powers of attorney
Hi,

The last of my parents recently passed away. Unbeknown by me, our mother nominated my younger sister and older brother as joint executors; there are four siblings. The will states, 'All assets to be divided equally between the four children.' But there is no mention of how. The estate has an unencumbered waterfront property situated on the Gold Coast in the middle of the Commonwealth Games redevelopment area, which is potentially worth a lot of money.

The brother who is also executor has announced his interest in purchasing the property so as to benefit from the new LAP for the area (Evandale Park). I have no problem with this, but I have insisted that he pay market price. However he has produced a valuation and offer about $150,000 less than the expected market value. He has insisted that we all agree to that or, "I will never never never sign off on it as executor and the place can sit and rot for thirty years before I agree to any price but the one I am offering.'

In an attempt to settle this my sister (the other executor) suggested a professional valuation, based on past sales. The problem with this is that it can only be modelled on figures sourced from a market that has been in the doldrums and will not take into consideration the recent rezoning of the area into city sub-precinct 1. The other problem is (without casting aspersions), my brother has been a real estate agent on the Gold Coast for twenty years and is on personal terms with all the local valuation agencies.

I think the fairest way to settle this is to send it to auction, where my brother would be welcome to bid for it. How can I instigate this? Can the probate office order an auction? Do I have to appeal to them to make this happen and if so how?