Indianapolis, IN asked in Elder Law, Estate Planning, Family Law and Real Estate Law for Kentucky

Q: When the will is executed, am I able to buy out the home for 2/3 of the market value using the inheritance $

I am set to be 1/3 heir of my grandfathers estate. Guardianship of my grandfather was recently granted to his friend, who also happens to be the eventual executor of his will. He was placed in an assisted living facility, and his home is currently vacant.

I was hoping to he able to move into his home, assume all costs associated with it, and make monthly payments toward eventual ownership. I'd like to be able to take my grandpa to his home on a regular basis, so that he can have a sense of farmiliarity. My mom and aunt both agree that they would prefer that I eventually buy out their share of the home with the money that will be inherited.

My grandfather's guardian says that the courts won't allow him to do it this way, stating that it would have to be rented at full market value, and eventually purchased at full market value. Is this accurate? What options do we legally have here? Can I petition the courts with a proposal, or do I have to go through him?

1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Estate Planning Lawyer
  • Louisville, KY
  • Licensed in Kentucky

A: No. The rental and the sale both will have to be at full fair market value in order to preserve your grandfathers estate. You may be able to rent it and buy it later, but they will both have to be at fair market value.

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