Legal Question in Wills and Trusts in California
Selling proceeds of will prior to probate
I am one of 3 beneficiarys in a will. The estate is left to the 3 of us in equal shares. Part of the estate is a piece of real estate. The other 2 beneficiaries have advised that they want to keep the property as an investment and I on the other hand want to convert it to cash as soon as possible.
Is it possible for me to 'sell' the two other parties my share in the property prior to the will being probated---in other words, right now.
The propety value is approximately 400,000. I would like to receive the proceeds in either a lump sum from each of the other two parties or paid out over a period of a few years.
Please advise is this can be done.
Thank you,
Bob.
2 Answers from Attorneys
Re: Selling proceeds of will prior to probate
The estate would need to be distributed, hence probated prior to your sale of your share. Please call me directly at (619) 222-3504.
Re: Selling proceeds of will prior to probate
You can probably work out an agreement for them to purchase your share subject to the probate, and perhaps receive a loan from a private lender as an "advance" on your share now, but the fees involved may be expensive.
Regardless, you should begin the probate process as soon as possible--it will likely take about 9 months to 1 year to complete. Has the named executor filed the will and begun probate? If not, see an attorney about starting the process.
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