Can I make an offer on an estate before it comes out of probate?

Asked over 1 year ago - Scott Depot, WV

My grandmother passed away in October her estate will be out of probate in April, her estate, ( home and land) is to be split between two heirs ( two daughters) one wants the home the other just wants money for her half, my husband and I want to buy her out now, we have a good idea what the estate assessed value is, we also know there is no liens , mortgages, or taxes against the estate, can we buy the one heir share now

Attorney answers (3)

  1. Adam B Peterson

    Contributor Level 8

    3

    Lawyers agree

    Answered . You would need to look at the will to see if the heirs were granted a general or limited power of appointment. If granted a general power of appointment then the daughter could exercise that power and grant you the beneficial enjoyment of their portion of the estate. If not, then you would need to wait until the daughter obtained the assets and she decided that she wanted to transfer those assets to you. However, because of the intricacies of probate law, I would highly recommend you hire a competent probate attorney to address your situation.

    My responses are of a general nature and not having the opportunity to get all of the background may mean that... more
  2. Steven M Zelinger

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . You may need to wait a bit to wind through probate, but I see no reason why you could not make a deal to purchase her half if she is in agreement to do so. Please speak to a probate lawyer about taking care of it.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  3. Matthew Erik Johnson

    Contributor Level 17

    1

    Lawyer agrees

    Answered . the executor can agree to a settlement between the parties. However, he is bound by the Will first. If there was a Will, then your deal will have to be with the heir after probate stops.

    Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale... more

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