without a will

[billy9565]

What is the name of your state? new york, my mother died in 2002 without a will, the title for the house is in her name. my father died in 2003 with a will, he left everything to me, my brother and sister. my fathers will went through probate and everything is ok with it. we did not want to open moms estate because of time and money. our lawyers told us we can sell the house now, as long as the buyer will accept a waiver the 3 of us sign ,giving up all rights to the property.. now if we do that, should we sell it and keep it in dads estate? they said his estate will be open untin july but we do not want to wait that long, we live far away. or should we just sell it on our own, i'm not too sure how the taxes work, but i think theres an exemption up to 1 million if i read it right, and the estate is worth about 650,000, thank you for your help.

 

[Dandy Don]

You need to be consulting with a real estate attorney and/or a probate attorney about the best way to proceed.

Since the home was not probated in your mother's estate, this probate will still need to be done to get the official names of legal heirs recorded on the deed. The real estate or probate lawyers may be able to advise you on a shortcut to getting this done if you want the sale to go through fairly quickly. Also a complication is that it will need to be determined whether your father's name should have appeared on the deed if he was a legal heir after your mother died.

A tax accountant can help give advise on the tax consequences.

 

[Beeboo]

not sure what you mean

If the will has gone through probate, why was there not an executor assigned.

If there was, then that person can sign the sale papers of the property, but you may have to wait until you get all disbursments o.k.'d by the court to divide the assests-----legally.

If all 3 of you agreee on who is to be named executor, it takes 1 form & a court hearing & bam...it is done, move on.

The executor takes control over matters & can pretty much do anything they want, but it could come back to haunt them later, if they pull some shady dealings.

The probate case needs to stay open for 4-months or more, so any known creditors can file a claim, if there are any.

Otherwise, sell the house, jump through the hoops & spend the cash!

If you are trying to avoid creditors as I am........GOOD LUCK TO YOU.