Wednesday, March 19, 2014

Can the executor of an estate give himself a loan from the estate account to make a purchase, from the estate auction?Our executor purchased...

Question

Can the executor of an estate give himself a loan from the estate account to make a purchase, from the estate auction?

Our executor purchased an item at auction, for $138, using the estate account, taking immediate possession. The funds were paid back two weeks later.



Answer

Not only can the executor not borrow from the estate, it is improper for the executor to buy an estate asset as it creates a conflict of interest.



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