Legal Question in Wills and Trusts in New York
Inheritance of estate?
My Grandmother died in January 05. My Grandfather passed away three years ago. In the latest Will, my Grandmother was very instructive on how the money and estate was to be disbursed. Each family member was given a percentage amount that they were to receive. The cash part was disbursed earlier this year. The house was to be sold and divided the same way. My mother and her siblings decided not to sell the house to a stranger, but to allow my uncle who is also the executor of the Will to purchase the house. He has been living in it and making renovations since the summer, but has not applied yet for a mortgage. We were told by him that the ''contracts'' were sent to my aunt to sign and return. She is also an executor on the will. Can you tell me what he means by ''contracts'' and how long it will take to be disbursed once he goes to close on the house? Thank you.
2 Answers from Attorneys
Re: Inheritance of estate?
It is suspect any time an executor buys property from an estate. It cannot be for less than fair market value.
The "contract" probably refers to a document which provides for, among other things, the terms of payment.
In the circumstances all of the beneficiaries should be asked to consent to the sale.
Re: Inheritance of estate?
I presume they are treating this transaction like a conventioal real estate sale between a buyer and seller. If this is the case, there is a contract spelling out the terms of sale and setting a closing date with any contin gencies (like getting a mortgage). Since the contract affects your rights of inheritance, you are entitled to see it. Presumably, when all contract matters are resolved (this may include getting releases from tax authorities so title is clean, and which take some time) the closing will occur and your share of the distribution will follow.
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