Legal Question in Wills and Trusts in Georgia
debts re: owner of life estate
9 years ago my husband's mother passed and left husband a life estate with remainder going to our 3 sons. husband is co-executor along with his sister. sis's inheritance was fee simple, not life estate. husband and sis went to court over division of acreage. judge made a ruling. probate is still not finalized. part of the ruling states that sis gets a certain sum of cash that simply does not exist in the estate. my husband and our family are now facing a serious problem. delinquent property taxes . we have to do something to raise this money or lose the ''farm''. we have a buyer for a small portion of the acreage, with advice from the closing lawyers on how to convey good title with a series of quitclaim deeds. our other option is to sell timber, which my husband has the right to do . no matter which option we choose, we have to record the judges ruling at the courthouse. by the way there have been no deeds filed. my husband owes creditors, including irs. if i have judges ruling recorded, is this immediately going to raise a red flag to creditors? we were told if we sell this portion of acreage, that at closing irs and others will have to have proceeds. any info on how to save our home from creditors.
2 Answers from Attorneys
Re: debts re: owner of life estate
Your questions cannot be answered by someone who does not have access to all of the pertinent information. You need to share all of the facts/documents with an attorney who may be able to help you navigate the rought waters that you are experiencing.
Re: debts re: owner of life estate
If nothing has been recorded and the estate is still open, it would appear that the executors can sell property from the estate, either under a power granted in the will or by order of the probate court, unless there is something in the will or the court's decree that prevents this. Only examination of all relevant documents can determine what should or can be done.
To get a definitive answer, you should consult an attorney, and provide him with all the relevant documents.
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