Legal Question in Real Estate Law in Georgia
As executor of my mother�s estate here in GA, I filed an executor�s deed to transfer both of her homes to myself and three siblings. I continue to pay all expenses for both homes. We are selling the homes but I need to retain 30K from the sale of the first home to make repairs on the second home. I'm told that I need provide a legal document to the closing attorney that specifies the amount of money to retain for repairs of this 2nd home and how to split the remaining profit between the four of us. Does this 30K have to go into a trust or can I be named as the responsible agent for managing those funds? Does this document have a particular name?
1 Answer from Attorneys
Whoa! You are way past the pont where a person hires counsel. In fact you never should have started probate without counsel. There are proper and improper ways to probate an estate. You've already gone completely in the wrong direction. If the estate is selling property and especially since you want to use funds from one sale to facilitate the other, you should not have done executor's deeds. Assuming the will gave you authority to do what you plan, your only way to do it is while the property is in the estate. By taking the properties out of the estate, four people, and not the estate, are in charge. You may also have tax consequences from your missteps. I don't know if you're too late to fix this, but you need to see a lawyer. Probate is no more a DIY project that a root canal in your mouth is. (You are now searching for a form that frankly does not exist to fix a mistake you never should have made).
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