Will & executor
A Truthseeker
(Querist) 22 January 2015
This query is : Resolved
Om
The testator died 10 years back appointing two executors and three heirs/beneficiaries out of 4 heirs. the probate proceeding has been recently initiated. one of the heir is contesting the probate proceedings.
The beneficiaries are in need of developing their dwelling house. the question is whether the executors can apply for sanction of new building plan and loan from bank before the probate is granted and probate proceedings is over.
Anirudh
(Expert) 23 January 2015
The job of the executors is only to execute the WILL, and not for applying for sanction of new building plan loan etc.
Just because some of the beneficiaries themselves may happen to be executors, does not mean that it is the executors who are applying.
Nobody can stop the beneficiaries under the WILL from making any application. But it is for the authorities to consider whether to sanction the plan (pending probate of the WILL) or for the bank to consider whether to sanction the loan.
Dr J C Vashista
(Expert) 23 January 2015
Let the probate case be finalised by the Court before any one (including the executors-who are otherwise ineligible, if not a beneficiary) submits application for loan.
I agree with the opinion and advise of expert Mr. Anirudh.
malipeddi jaggarao
(Expert) 23 January 2015
In the capacity of executors, they cannot do anything except execution of the Will. The beneficiaries rights are qualified until probate case is decided and the banks will not consider any property for mortgage which does not carry clear and marketable title. As the beneficiaries as of now do not have clear and marketable title, banks will not consider any loan against such property. ONly alternative is to wait for the out of the probate proceedings.
R.K Nanda
(Expert) 23 January 2015
nothing to add.
A Truthseeker
(Querist) 23 January 2015
Om
1.An executor appointed under a Will, in effect,stands in the testator's place after death.-Schweizer Kobras{LAWYERS & NOTARIES}
2.The expressions 'Owner' and 'Developer' shall include their respective heirs, executors,attorneys,legatees,administrators and all persons claiming through each of them-CONSTRUCTION AGREEMENT.
Thanking you.
Rajendra K Goyal
(Expert) 23 January 2015
Agree with the advise of expert Anirudh.
ajay sethi
(Expert) 23 January 2015
agree with Mr anirudh
A Truthseeker
(Querist) 23 January 2015
Om
Appropos of expert Anirudh.If there is any legal bar in Succession Act there is no scope for any consideration on the part of sanctioning authorities.
Thankimg you
Anirudh
(Expert) 25 January 2015
Dear Truthseeker,
Your quotation of Schweizer Kobras and the recital in construction agreement etc., are completely out of context.
Here you are taking that the Executor get sanctions etc., or construct, just because the beneficiary and the executor happens to be the same and the action of the executor would not be conflicting with the interests of the beneficiaries.
Think of a situation where the Executor is an independent third party, and you happen to be one of the beneficiaries, and the executor does those things which you have proposed above. WOULD YOUR STAND BE THE SAME?
T. Kalaiselvan, Advocate
(Expert) 26 January 2015
Agreed with the views of expert Mr. Anirudh. The executor, if not a beneficiary, has got no right to go beyond executing the Will. His execution work is restricted to recitals of Will alone. It is for the beneficiaries to appoint the executor as their attorney or agent for further activities with regard to the estate bequeathed through Will. For that matter the very Will is in question and the cloud around it will be cleared only after the verdict by the court in the Probate petition case pending before it, therefore the title of the beneficiaries is yet to be confirmed therefore the executor cannot meddle with it during pendency of the case.
Biswanath Roy
(Expert) 26 January 2015
Executors are to execute the WILL before the Probate court for obtaining probate and thereafter to distribute the goods and assets as described in the will to the beneficiaries. Save and except this he has no other power. He is merely acting as a Manager of the Estate till Probate is granted by the court.
