I'm the trustee for my deceased fathers estate. He has three properties that I a'm preparing to sell and divide the assets. Do I have the legal right to buy one of the properties at the appraised market value? My siblings have been very contentious and the will most likely object. Thank You
State/Country relating to question: California
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. If your siblings have been contentious about this, then you will want to first either get their prior written consent or petition the probate court judge to give you consent to buy the property at a given price. If you think the siblings might not consent to you buying it specifically, you could ask them to consent to a sale a specified price...opening up your right to purchase; but if you don't tell them you intend to buy it at that price, you're probably buying a lawsuit. It's not that you couldn't prevail, it's just that you don't want to be in the middle of a lawsuit. Your other option would be to distribute the property in undivided interests and then if they won't sell you their interests in the home, you can force a sale by filing a suit for partition...in which case the court will order the sale of the property at a specified price at which you can be a buyer.
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29 Years Practicing Law - Including Tax and Estate Planning
Thank you, XXXXX XXXXX is very helpful. I would not buy the property without written consent from my siblings or the court. My attorney has suggested that I should not buy the property, but I believe that there may be a conflict of intrest with her.
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