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Pete and Nance

Junior Member
What is the name of your state? New Jersey
My Wife, her sister, and their parents all signed an agreement that upon their parent’s deaths, (within 30 days) the two sisters can exercise their option to purchase one of their houses, for a fixed sum. The agreement was signed in front of a witness and has a stipulation that if any of the three parties, Sister #1, Sister#2 or parents, want to alter or void the agreement, all three parties must agree to it. The only other child is a son who had no interest in the house at the time of the agreement.
Time has passed and no changes have been made to this agreement. One parent has passed on and the other parent has made some stipulations in his will that all children interested in any of their properties would do so under the assumption that the property is valued at fair market value, upon the time of their death.
My questions are:
Does the agreement supersede the will due to the fact that its exercising option (within 30days of death) removes the property from the estate, before any will stipulation would attach itself to it? Obviously the fixed sum would go into the estate.
What kind of time frame should the sisters expect as to hearing back from notifying the estate that they are planning to exercise their option?
Would this hold up the rest of the estate from being finalized, or would the property be looked at separately?
 


Zigner

Senior Member, Non-Attorney
You do realize that none of this belongs to any of the children, right?
The will controls until the asset(s) are distributed.
 

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