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
Estate Planning Attorney
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 they are not complete. I may not be a licensed attorney in the jurisdiction where you are seeking advice and is based solely on the laws and my expertise in those states in which I am licensed. Therefore, this advice can provide a good foundation in seeking quality legal advice in your particular area.
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 informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
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 negotiations, and estate planning in Whatcom, Skagit, Snohomish, King and Pierce counties. The response does not constitute specific legal advice, which would require a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter; rather, it is intended to be general legal information based on the limited information provided by the inquirer; it This response also does not constitute the establishment of an attorney-client relationship, which can only be established after a conflict of interest evaluation is completed, your case is accepted, and a fee agreement is signed. Johnson Legal Group, PLLC