QUESTION

How do I go about buying my siblings out?

Asked on Nov 09th, 2020 on Wills and Probate - Louisiana
More details to this question:
My father passed away and didn't have a will. He owns 2 houses and 2 vehicles. Some of my siblings want to sell everything. Everything has been appraised. One of my siblings will be our PR once he gets his Administrative letter. He has been told that he can list the houses on the market when he gets the Admin. letter. If I want to buy them out what do I need to do?
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1 ANSWER

DUI/DWI Attorney serving Lafayette, LA at Boustany Law Firm
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Hello,  Assuming your father was not married at the time of his passing, which would complicate things as it would create a community property right to the surviving spouse with a naked ownership interest to his descendants, it is going to require that the succession be completed and likely entails communicating your intent to buy out your siblings' interest in the property. If you are not the independent administrator of your father's estate, then I would contact the sibling who is and see if they can complete the probate without liquidating your father's property.  To buy your siblings out of their interest, you'll first need the judgment of possession from the court, which will be signed at the close of your father's succession proceedings and will distribute the property in equal undivided portions to his descendants. As there is no will, it would be an intestate succession and under Louisiana Civil Code Article 888, the property would be divided equally between you and each of your siblings. Once you have the judgment of possession, you can then acquire the property you're interested in from your siblings by coming to an agreement on how much to buy out each of your siblings' interest in those properties. This can be done through a cash or credit sale agreement, which need only be filed into the conveyance records of the parish where the property is located, or involving the court again in what's called partition, which is a legal mechanism to distribute co-owned undivided property.    
Answered on Nov 09th, 2020 at 12:18 PM

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