My question, 4 hiers, can one hier sell thier undivided share before probate process ? Does estate administrator, one is approved, have any authority to stop the sale?
2006-09-14 12:55:45 · 5 answers · asked by moontreker 2 in Politics & Government ➔ Law & Ethics
Prior to probate, none of their heirs owns anything.
The heir could contractually promise to sell what they get, after they get it. But that is a private matter between the to-be-heir and the purchaser. It has nothing to do with the probate process itself.
An executor only has the authority granted by the will (if any), and by the probate court. So, unless there is a will that has specific provisions about the inheritance not being resold (which are generally not enforceable anyway), there is nothing the executor can do.
2006-09-14 13:00:43 · answer #1 · answered by coragryph 7 · 0⤊ 0⤋
Further to what others have said: there is a regular market, albeit speculative and thus underpriced, of "anticipations" (of future inheritance). Where right to an inheritance has crystallized (as here) the amount paid is higher.
But any sale is subject to debts of the decedent (including tax debts) and to estate and inheritance taxes.
In New York, and perhaps in some other states, real estate does not go through probate either in administration or by will, although the law has been changed in recent years to allow the executor or administrator to administer real estate if it is in the interest of the Estate to do so: http://tinyurl.com/e8vyh
Heirs will normally take as tenants in common. Often one heir will sell to another before probate; or one or more heirs may disclaim. To be a qualified disclaimer for US tax purposes this has to be within 9 months of death.
2006-09-14 14:04:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The laws of inheritance vary tremendously from state to state. You should consult an attorney in your state.
Otherwise, the answer above is not quite correct: prior to the actual probate process, while an heir isn't able to sell a piece of property (he or she doesn't own it yet) the heir is able to sell their future interest in the property. Ordinarily an administrator can not prevent such a sale.
2006-09-14 13:24:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
None of the above. He has a will that should be followed. Unless he was crazy (like Howard Hughs). But normal people with large estates have wills. I bet he has a will. You should call his lawyer.
2016-03-27 01:42:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If an estate is left intestate, there is no heir until the court determination is made.
2006-09-14 12:59:17 · answer #5 · answered by williegod 6 · 0⤊ 0⤋