Legal Question in Wills and Trusts in Texas
Buying my grandmothers home, from estate.
I am attempting to buy my grandmothers home from her estate. I have a contract with my mother, who is the executor. The problem is my parents are going through a lawsuit and possible bankruptcy. If I buy this home, would there be any threat that would jeopardize my ownership of the house. Would I lose the house due to the legal procedings against my parents? I have tried to do the research on my own, but I need a definate answer.
2 Answers from Attorneys
Re: Buying my grandmothers home, from estate.
For an accurate answer, you really need to sit down in person with an attorney, and provide them with a copy of the will and the cause numbers for the probate estate and the other lawsuit. I need more details about the type of lawsuit against your mother and the history of the probate case. However, in general, you are probably ok provided that you pay a reasonable fair market value for the property. The money from the sale goes into the estate and the estate goes first to pay your grandmother's creditors and creditors of her estate, then according to the terms of the will. If the will left the house to your mother, you might need the bankruptcy trustee to approve it, if she files for bankruptcy. Also, I am assuming that your mom is an "Independent" executrix. If she is not, then you need the probate court to approve it.
Re: Buying my grandmothers home, from estate.
I would have to look at the estate documents to see how this would work. If the will leaves the house to the parents, then you could still purchase the home for consideration, although if there is a bankruptcy, you might have to get the trustee to approve.