Legal Question in Wills and Trusts in Pennsylvania
estate issue
my mother had a will and only a home with no mortgage, we filed the probate, and are getting other documents completed, etc. My brother is the executor but we are both listed as beneficiaries. My brother does not want the property and I do not want to lose the house. If I would transfer the deed into my name what is involved with the issues of inheritance tax, capital gains tax if I choose to buy him out. I am just worrying about losing the property if things are not transferred out of the estate?
1 Answer from Attorneys
Re: estate issue
If your brother is not interested in the property and wishes to have you buy out his share in the home, it should not be that difficult to do. You indicated that you have probated the estate. Do you have an attorney assisting you? If so, then he or she should be able to assist you with what you would like to do. If not, then it is probably time to get an attorney.
While opening the estate is simple enough, procedureally you still have a lot that needs to be done. You're going to have to file an estate Inventory and a Pennsylvania Inheritance tax return. Likewise, in order to put you in a position to buy out your brother's interest, it is likely that the property will have to be re-titled by the preparation of a new Deed into your name alone. Finally, the estate will have to be closed out either formally before the Orphans' Court or informally by some kind of Family Settlement Agreement between you and your brother.
If you'd like to discuss this matter further with me, please see my website at www.americanwillsandestates.com or feel free to contact me at [email protected].
Thank you,
Lloyd A. Welling, Esq.