I'm one of two beneficiaries of an estate where I am to split two identical (same value) tracts of land with the other beneficiary. The estate attorney said he has to deed one piece in my name before he can re-deed it into the name of the other beneficiary I sell it to. Is that really necessary? I don't own any of it, the estate owns it, so why can't I just sign a paper saying the other beneficiary pays me x amount to secure it from me and get it deeded straight from the estate to the other beneficiary rather than what the attorney said to do which is deed to me, then to the other person. Thanks
Please note the estate attorney is UPL; suspended license. I'm waiting for him to give me the deed papers before filing a grievance / reporting him to the bar. (I'm waiting for him to dig is grave deeper with more UPL to strengthen the case against him).
I have seen this handled both ways. Your solution actually may be the more common way to do it. Having said that, I do not see it being a problem to do it the other way. I wonder about possible transfer tax issues. But the attorney is in possession of all the facts that we are not. Given the UPL issue, you are going to need to have someone else handle this. In a sense, that will give you all a second opinion on the matter. When in doubt, you can always seek direction from the judge, as well. A court order is safe for everyone.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
Thre are numerous reasons why this may be necessary, including:
1-havbing a proper trail of title to show any future purchasers that you have no claim remaining under the will
2- taxation basis in the property, which gets the stepped up basis when inherited as opposed to the decedent's cost basis
I wouldn't worry about the Attorney's advice- It will cost very little and I can't second guess the opinion of one licensed in your state ( I am not), and also one who is more familiar with the facts. Best regards,
Bob Brenna Jr.
Brenna Brenna and Boyce pllc
Rochester, New York 14614
Bob, Robert L. Brenna, Jr. No relationship is intended, agreed upon or accepted by answering this general question Brenna Brenna and Boyce PLLC Rochester, New York firstname.lastname@example.org