Estate Law Questions? Ask an Estate Lawyer.
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Can you please tell me what state you are referring to?
OK. Thank you for that information.
If you do not close it, the court will typically set the matter for a hearing to check on status and determine if there good cause exists to keep the estate open. If not, the court can force you to close it.
Most estates run smoothly and may often be completed and closed within 8 to 14 months after opening. However, when family members or beneficiaries do not get along or the estate plan was not carefully crafted, complications can arise. Courts will certainly understand situations like these. And in some cases, estates remain open for 5 or 10 years! Thank you.
There is no problem between my brother and myself but if it is closed one of us has to buy the other out or put the house in both of our names and my brother does not want the extra income or neither of us is ready to sell with the recent economy.
Then you can either leave the probate open, or you can close the probate and have the property distributed to you, with a side agreement executed between the two of you saying that you agree to take full possession of the property, but will agree to sell it in two (three, four, etc) years or make further arrangements at that time with your brother. Then upon a sale, you agree to divide the net proceeds equally (or in any other % you desire).
Essentially he will be allowing you to take the income in exchange for you agreeing to split the proceeds later, even if the equity increases. Thank you.
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