I am 1 of 5 beneficiaries. Estate has been open 2 years and I was advised that the executor (sister) just signed deeds transfering ownership of real property from my Mom to the 5 of us. Problem is, I can't afford to keep & maintain the property and I advised the executor and attorney of this over 1 year ago. I asked that the other 4 beneficiaries buy me out. They are holding out until I also agree to relinquish my inheritance in undeveloped property that was also left to all of us by will.
Question: will I be presented with a settlement agreement before the estate can be closed? or, will the attorney just send an accounting off to the court for approval? How do I let the court know that I cannot financially afford the real property and requested that the other buy me out?
You have some real problems here. You cannot force anyone to buy you out if the terms of the will are as you state. You need to negotiate a settlement if possible. You really need to retain an estates attorney to represent you especially if a formal account is being presented to orphans court. Your attorney can raise his objections at that point. This forum cannot give you what you need. Get an estates attorney immediately.
Hope this helps.
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Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is [email protected] , his website for more tax, estate and business articles is www.sjfpc.com.
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