Legal Question in Wills and Trusts in Massachusetts
First Option to Buy in Will
My husband and I were named in a
will for the ''first option to buy at fair
market value'' the deceased's house.
Do we have a right to see the actual
will? What does this option really
mean?
2 Answers from Attorneys
Re: First Option to Buy in Will
If the will has been filed at the Probate Court, it's a public record and anyone has a right to see it. If the executor won't give a copy to you, contact the court.
"First option to buy at fair market value" just means that you and your husband have first dibs to purchase the property from the estate at a price equivalent to what it might get if it's put up for sale to the public. If you choose not to buy the property, then the executor will either offer it to another person or put it up for sale, depending on what the will directs.
There are important requirements which must be met so that the executor passes clear title to you or anyone else who might buy the real estate. Please feel free to contact me to discuss this matter further.
Re: First Option to Buy in Will
I am sorry for your loss.
Once filed in the Probate court, the will is a public document that anyone can view. Or you can ask the executor to send you a copy.
A'first option to buy at fair market value' entitles you to purchase it from the estate at what it would sell for in the market.
If still in doubt, retain an attorney.