What is the process to buyout a parent's life estate and remove a deceased sibling from the deed.

You may not necessarily remove a deceased sibling's name from the deed. It depends on the words used to give the deceased sibling his share.  Two examples: His share may need to be bought from his estate, or If the words "per stirpes" were used, his share may go on to his children, if he had any.   With regard to buying your parents out, it is a purchase like any other purchase of real estate.  The value of the life estate can likely be determined with the use of life estate tables.  The price will have to appeal to your parents. To your success, Gale Allison