Q: Property in probate can everyone sign their right to one person if they want nothing to do with the property?
My grandfather passed away now the property is in probate the court have assigned a administrator which is my aunt. If all the heirs decide they do not want any thing to do with the property and want to sign their rights to just one heirs is that possible? My mom is one of this heirs they want to sign the rights to my mom so she can refinance the house because it has a reverse mortgage on it.
A: This can be done by assignment in most cases and generally is not a problem at all. There can, theoretically, be gift tax consequences so one should always talk to a lawyer to confirm that is not a problem. Also, in some cases a disclaimer will work which likely does not have tax consequences but might have other ramifications.
A: Yes. An Assignment is a way to voluntarily transfer your interest in an estate to someone else where you get to pick the name of the assignee. A qualified Disclaimer is another way to voluntarily get rid of your interest in an estate but you cannot pick the name of the transferee. When a disclaimer is signed, the interest passes as if you had died before the decedent and the property must pass accordingly. If the interest was created by a Will, the interest passes to the next named individual under the Will. If the interest was created by intestate succession, state law will dictate who is next in line to inherit. If the interest is real estate in California, there may be Prop 13 consequences and possible reassessment. In that case, it would probably be best to consult with a probate lawyer before making your decision between the two alternatives.
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