Legal Question in Wills and Trusts in California
Inherited a percentage of a house, can I get bought out?
When I was 16 my grandfather, show was also my guardian, died and left me a percentage of his estate. The estate was consisted of a house. At the time I know one person was ''bought out'' by the executor. I signed something giving my uncle, the executor, permission to him to control the property, which included living in it. I actually also lived there for 4 more years myself.
I was told at the time that this would allow my uncle to take out a loan and pay off all the other debt and taxes associated with the estate. Seemed fair to me, but I was 16 and didn't ask a lot of questions. I was told after 10 years that my percentage of the property would again be under my control. I don't know what to do. My relationship isn't bad but money and family can make things difficult. I don't think his financial situation is that great that he can just buy me out, but then he owns a house in San Francisco!
I am sorry I don't know more specifics, but I thought I might get a little guidance and then i would have a better understand of what questions to ask and of my rights.
2 Answers from Attorneys
Re: Inherited a percentage of a house, can I get bought out?
You have to get the document you signed. It does not seem proper to me that the executor has you, a minor without any living guardian, sign a document giving the executor greater assets then he is entitled to under the Will. The explanation that it allowed him to take out a loan does not hold water; he did not owe the debts, the estate did, so the property, if the only asset, would have been sold to satisfy those debts. It seems your Uncle basically improperly bought the house through his position as executor; he should have been paying you rent for your percentage of the house.
Get a copy of the Will, go to the courthouse where the probate occurred and look through the file making a copy of whatever is relevant to your problem, get a copy of all the papers you signed for your Uncle, try to find out how much the whole house might rent for, and then you may be able to ask more specific questions coupled with the facts so that one of us on this site can give you some answers.
Re: Inherited a percentage of a house, can I get bought out?
Sounds like the place to start with is finding out what percentage you own, who owns the rest and what has been paid for and what has been encumbered over the past 10 years.
Do you know if your grandfather's estate went through Probate? Was your uncle appointed as the trustee?
It is entirely possible that everything is fine, but it is also possible that it is not.
There are so many questions that need answers that it might actually be best if you meet with an attorney directly.
By your zip code, you are in the San Francisco area. Unfortunately, we are located in Pasadena and it's a little far for you to travel for counsel. If you need assistance in locating local counsel, I'd be happy to help you with that.
Scott
Please also take a moment to learn about Probate, Wills and Trusts on our firm's site No-Probate.com.
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