Legal Question in Wills and Trusts in California

Re: Limited Partnership

Check the limited partnership agreement--it probably addresses this specifically.

Also check the agreement for procedures allowed when one of the limited partners dies--there may be a window allowing the others to buy that partner's share, so look for this and consider it.

Re: Limited Partnership

Sounds like your family established aLimited Family Partnership. This is a device to transfer an interest in your parent's estate over a number of years. What you didn't tell me is if your deceased sister had a spouse or children. That little fact will help determine who will get your sister's share of the partnership. If the members of the family partnership are her only heirs. What you do is of importance only in the family. If there are other heirs, then they are involved. And it may be necessary to petition the probate court to appoint a representative. If the sister's estate is under $100,000.00,and no real property in it worth more than $20,000.00. Then only the family needs to get involved in distributing the deceased sister's estate. To answer your question we'll need more facts. Ultimately when all else fails, file a petition in the probate court nominating a representative. Notify everyone that may have an interest in the partnership and your deceased sister's estate. I suspect the attorney that advised you gave good advice.