Legal Question in Wills and Trusts in Georgia
Scenario:
1) Both parents recently deceased (within a short time span between them.)
2) Both had wills. Assets were left to the 3 children.
3) A home is among the assets. It is completely paid for. The will states that each child has an equal share to the estate (assets and home).
4) One of the children is named executor of the estate.
Question: If one or more of the children wish to remove their responsibility from the ownership of the home, but wish to liquidate their portion of the value of the home (assuming fair market or tax assessed value).
1) Can this be done?
2) Does the executor the legal responsibility to do so and fulfill the requests.
1 Answer from Attorneys
Without looking at the wills, I assume that the children were left a 1/3rd share of the net estate each. If that is the case, why can they not come up with some kind of agreement? If there are enough liquid or other assets which can be sold, give those who want out of the home those assets and let the others keep the home. Or, have those who want the home buy out the shares of those who don't. Failing that,any of the children can bring a partition action if no one will buy out the shares of the others who don't want it. In partition, either the land can be subdivided into 3 shares and the child who wants to sell can sell his or her share. if the land cannot be divided, the whole is sold and the money is split 3 ways.
The executor needs to talk to a probate attorney who practices in the county where the estates are pending. Really, the executor needs to liquidate (sell) the real estate and distribute the net proceeds to the beneficiaries unless the executor really really loves the home in which case he/she should buy out the shares of the others and they can quitclaim their interest in the home to him/her.
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