Legal Question in Wills and Trusts in California
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Is it possible to buy out other heirs on a estate in probate. My immediate family member is in probate that involves 1 home and wants to keep the property. There are 2 other heirs whom are money hungry leaches. One pushes a cart on the street and one is astrainged for many years. The attorney involved seems disinterested in helping my relative to buy out the property but she wants it. She holds community property approximately 40% and her 1/3 of the rest of the estate. Can she buy them out and how do we begin the process. We dont really trust our attorney.
Is it possible to buy out other heirs on a estate in probate. My immediate family member is in probate that involves 1 home and wants to keep the property. There are 2 other heirs whom are money hungry leaches. One pushes a cart on the street and one is astrainged for many years. The attorney involved seems disinterested in helping my relative to buy out the property but she wants it. She holds community property approximately 40% and her 1/3 of the rest of the estate. Can she buy them out and how do we begin the process. We dont really trust our attorney. Cancel
2 Answers from Attorneys
It is possible for an heir to acquire a Probate property and be credited with that heir's interest; however, being in Probate any sale must go through judicial approval process and a 3rd party could over bid on the property. I suggest that you or the heir who wants the property meet with an attorney to go over the specific facts in greater detail.
There are a lot of options. Typically when a family member is buying a property some sort of Court approval is required. However, it can be by agreement of the parties in which case the Court overbid process does not apply. Basically whatever deal the 3 parties agree to can be the final settlement. There are many different ways to carry out these transactions: sometimes it's done during probate and sometimes to take effect at the end of probate. It depends on how the purchase is going to be made, what other assets there are, what creditors/costs are, if it's a parent-child situation, etc.... I have counseled countless clients in these type of situations. Contact me for more information. -John
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