QUESTION
What happens if she dies and the other half is still in the name of the estate, does it go into probate?
Asked on Mar 17th, 2014 on Estate Planning - California
More details to this question:
My mother's house is 50% in her name and 50% in her deceased mother's estate which was left to her and her 2 siblings. Is there something my mom can do now to get the house in her name? Does she need to buy out the other half?
6 ANSWERS
Edwin K. Niles
A buy-out is customary, but you should have a lawyer check it for you.
Answered on Mar 19th, 2014 at 3:20 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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She (or somebody) needs to probate her mother's estate.
Answered on Mar 19th, 2014 at 3:20 AM
The estate must be probated for title to change. It may qualify as a small estate probate. Your mother would own 50% plus 1/3rd of 50%, or just under 2/3rd of the property. The wisest thing would be to buy her two siblings out at no more than 1/3 of the properties current value. You can consult some probate books written in lay language, such as those from Nolo Press, to better understand the procedure.
Answered on Mar 19th, 2014 at 3:20 AM
2 Awards
Probate of grandma's estate is going to be required unless it is the only asset and valued at less than $150,000. Then, you can do a summary probate but it is still a court process that will take a little time, and your mom can buy the siblings out during that process. Again, it will take some time, and if your mother passes before that is done, it will be much more complicated.
Answered on Mar 18th, 2014 at 3:22 PM
Yes, she does need to buy out the other siblings share of the property.
Answered on Mar 18th, 2014 at 3:21 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Suggest you consult an estate planning lawyer to view the documents you refer to, and make the appropriate recommendation as to your options.
Answered on Mar 18th, 2014 at 12:47 PM