Q: My sister and I are co-executors in NY. I have the Letters of Testamentary. How do we handle the deed of Mom's house?
She plans to buy out my share and live in Mom's house. There are debts we need to settle yet. Do we wait until we pay off the debts and she pays me. Do we need to file an Executor's deed first?
We also just sent in forms ET-30 and ET-117 with the original letters.
A: If you are working together, I would do the Executor's deed but just to your sister. Memorialize your deal. It is important to do it right. Real estate title is really critical to get right. When you sell or refinance, there may be no way to cheaply correct errors.
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A: Transfer the property by Executor’s Deed to your sister after you pay all debts.
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