QUESTION
How can I transfer property out of an Estate?
Asked on Mar 30th, 2017 on Estate Planning - Pennsylvania
More details to this question:
I am Executor of my mom's estate , there are 2 properties in estate...one without mortgage and one with a mortgage that I just got approved for a loan modification to save the house. Can I turn these 2 properties into a LLC Business...so that me and my siblings can share and split the proceeds fairly. There was a Will but the Will was built around my mom's life insurance which didn't pan out. Life Insurance was supposed to be used to handle all debt and we were to get what was left over. What are my options?
1 ANSWER
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If the real estate is part of the probate estate, you'll have to follow the terms of the Will unless everyone involved agrees to something else. This estate sounds complex enought that you should retain counsel to assist with the administraton of the estate.
Answered on Mar 31st, 2017 at 9:23 AM