Q: Transfer of real property, intestate estate. 2 of the 6 heirs hope to take over the property, all heirs agree. What now?
I am the personal representative and heir for my father's intestate estate in CA. In regards to my father's real property valued over $166k, the property rights, to my understanding, defaults to be equally divided between his 6 children (heirs). There is an existing mortgage on the property of around $100k. However it is the intent of the heirs that 2 of the children (including myself) would take over the property and the existing mortgage on the property. Question, if all siblings are in agreement to transfer their rights to property to the 2 heirs who want to keep it the property in the family, do they need to sign something legally to release the interest in the property based on this? Does this have to be done before any legal transfer of ownership to the property or deed occurs? Does this have to happen before I (as personal representative and heir) can refinance the existing loan, if needed? Any direction here would be GREATLY appreciated! Thanks!
A: It all depends on who is on the deed. This sounds like a probate case and you should consult with an attorney.
Nina Whitehurst agrees with this answer
A: I agree with Gina. It sounds like you will need to file a petition for probate and ask for the appointment of an estate administrator before you try to refinance the property, and the six of you should be able to agree on whatever you want provided it’s in writing and your settlement agreement is approved by the court. A qualified disclaimer might be an option, and an assignment of beneficial interest Is another option. If you want to pass along dad’s low tax base for property tax purposes, you should seek the advice of a probate attorney. There’s a right way to do it and a wrong way, and the difference could be in the tens of thousands of dollars. Give me a call and perhaps I can help. 408-985-9918
Nina Whitehurst agrees with this answer
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