executor and house/estate sale

[cvayda]

I and my brother are co-executors of my aunt's estate.
While alive, my aunt made it very clear on different occasions with my brother as a witness, that she wanted me to have her new car.
She never put that into her will but rather it was just word of mouth.
Now, her lawyer who is helping us with the estate/probate stuff says the car falls under the will and that if I wished to have it, I would need to pay to the will's distributees, their share of it's value.
The question is: What prevent us as executors, from selling tangible property on behalf of the estate, since we are now my aunt ?
What prevents us from selling the car to someone for $1 ?

 

[lwpat]

A little something called fiduciary duty. Look it up on Google.

 

[cvayda]

A little something called fiduciary duty. Look it up on Google.

Ouch, ok thanks for the response, albeit a somewhat little snotty, and in the absence of any smiley faces !!
If you had used as many words in your reply as I did in my question,
we may actually have had a learning experience.
I'm simply trying to understand this stuff, being a novice.
You respond as though we are all lawyers and should know this.
It appears you folks of the (ex)judiciary do seem to have somewhat of an attitude.
A simply explanation would have gone a long way and real have been appreciated here by this forum.

 

[lwpat]

Sorry, but I have seen (and also been on the receiving end) so many executors try to defraud the remaining heirs that I have little patience in that area. I will take it at face value that was not your intention.

The only thing that counts is what is in the will. Anything verbal is of no effect. As an executor you are personally responsible for seeing that the will is carried out in accordance with the laws of your state. If you don't, the other heirs can sue you for damages. First you pay her bills. If there is not enough money, you sell any items not devised in the will. If there is still not enough money, you sell more assets in a specific order. Self dealing by selling at a price that is less than FMV to a "friend" is a breach of your duty as an executor.

The other heirs can specifically disclaim any interest in the car and then you will be in the clear but that is the only way.

 

[cvayda]

Sorry, but I have seen (and also been on the receiving end) so many executors try to defraud the remaining heirs that I have little patience in that area. I will take it at face value that was not your intention.
....

Thank you, that is a much more kinder, human response which I can understand. We're not trying to shirk our duties but rather understand them.
Since, down the road, we will be selling my aunt's house, do you feel we can hold a house sale where folks can do a cash/carry of furniture, lamps, tables, etc or does this need to be coordinated through our lawyer? Where would the proceeds of such a sale go?