Property in probate

[trh1577]

Grandma has now passed on, and her estate has been filed with probate. Her will stated that the property be divided into portions. I intend to purchase the property, and am one of those named in the will. How long must we wait to disburse the money, and what are, if any, the repurcussions for not waiting. Does the entire value of the estate have to be placed into a bank account prior to the end of the probation wait period, or can my portion remain as equity in the home, and I purchase the rest. I imagine there are many ways to do this, is there a recommendation for the best way to complete this process, and a way to expedite it?

 

[ALawyer]

This is one to speak to with the lawyer handling the estate. There are too many ways to do this.

And because of the possibility of creditors and taxes, most executors wait until the time has run for claims against the estate and the taxes (if any) are finally determined.

 

[trh1577]

property in probate (cont.)

My main question is: Do I have to borrow the entire value prior to them being distrubuted to the other heirs, or can I just borrow enough money to buy their portions? If not, what forms do I need to prepare, and if possible what statute of Colorado probate law contains that information?